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Blatant trolling for an opinion from MM

April 25th, 2013 at 12:31 pm

DW and I have filed our taxed jointly for 17 straight years. We have filed schedules A,C,E,F, and SE. We have submitted forms 8812, 8880, 4562, 8283, 8839, and others. We have never hired a professional to prepare our taxes. We have always used Turbo Tax.

This year may be different. I'm not sure yet. This year, we disposed of a rental property. We took a loss on the property. We have claimed depreciation on the property. And, we were forgiven debt on this investment property.

We also claimed an adoption credit in 2012, and have unused credit to claim. My estimation is that the tax liability from the forgiven debt, and the adoption credit will approximately wash each other out.

So, it seems to me that Turbo Tax *should* guide us through this maze adequately. But, I don't know. We might feel more comfortable if we hired a professional to prepare our 2013 return.

Our goal will be to minimize tax liability, and file an accurate return as inexpensively as is reasonable.

What do you think? Of course, all are welcome to weigh in with their opinion.

Posted in Uncategorized | 4 Comments »

4 Responses to “Blatant trolling for an opinion from MM”

  1. creditcardfree Says:
    April 25th, 2013 at 12:47 pm 1366894022
    1366894022

    I'm sure MM will chime in, but I would TRY Turbo Tax early in tax season next year. If you don't feel comfortable with the process, then go to a tax professional. I think with your previous experience that you will be able to figure these situations out. You also have lots of time to read now about how to those situations are reported.

  2. MonkeyMama Says:
    April 25th, 2013 at 08:10 pm 1366920607
    1366920607

    I don't know. I don't know how accurate Turbo Tax would be in your situation. (& if I am not making sense - my brain is totally fried - crazy busy at work right now).

    I think it is not a bad idea to hire a tax professional in a *crazy* year like that. You would have some assurance that it was done correctly and would get general advice and guidance for the rest of your situation. (It sounds like you probably would not need any tax help the following year?). You might find that something seemingly simple was done incorrectly.

    But, the tricky part is finding a tax preparer who knows what they are doing. So I have general mixed feelings. I have had a couple of savvy clients leave who I thought were wasting theire money on us, who came crawling back and totally screwed up their taxes using programs like turbo tax. So, I have been starting to feel more valuable to those "easy tax return/knows a lot about their own taxes" types. Big Grin BUT, most our new clients that have come to us the past few years were referred to us after being totally screwed over by their tax preparers. Which I find really disturbing because it is so complicated that people put their trust in you. So, I just don't want you to get stuck in that situation. Do you know any smart people with a good tax preparer referral? How do you judge if a referral is good? Basically, good luck...

  3. rob62521 Says:
    April 26th, 2013 at 12:37 am 1366936649
    1366936649

    I know it seems crazy to hire a tax professional, but sometimes you have to spend money to spend money. It might be worth it.

  4. Bob B. Says:
    April 26th, 2013 at 12:41 pm 1366980111
    1366980111

    Thanks CCF, MM, and rob all for your responses.

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