iffi wrote:

- quote -

You definently need some sort of help.

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I really appreciate all your responses, I have purchased
TruboTax and now I am waiting for my last W-2 to file my
taxes. Thanks

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- quote -

I think the question had an implicit assumption that his tax
capability was sufficient for his previous taxes. Does
buying a house make one's taxes significantly more complex
that an ordinary, intelligent person would need professional
assistance?

From my experience as a lay person who has been doing his
own taxes for over 20 years, including investments and home
ownership, I think buying the house didn't add much to the
complexity. From reading this group, most complexity comes
from self-employment, and some people also find the taxes
for investments complicated, too.

The main difference the OP will likely see is that now he
can usefully itemize deductions, to get the mortgage
interest deduction. If you're using TurboTax, just answer
its questions regarding the house purchase and I think you
should be fine.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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- quote -

Aye! But.... will it be sophisticated enough to tutor him
regarding deduction of points when the mortgagee failed to
include said points on the 1098? Or to advise him he has a
choice of how to handle same?

ChEAr$,
Harlan Lunsford, EA n LA
Sat, 15 Jan 2005

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- quote -

We have no idea of your tax capability so we really cannot
tell you that answer.

Helen, EA in PA

Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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irfans[at]gmail.com (iffi) posted:

- quote -

Buying a house as your main home is not a major tax event
that should requiring professional help. Just be sure to
keep a file including your closing statement, and records
including cost of future improvements -- against the
possibility you eventually convert the property to rental
(so you can calculate your cost basis) ... and against the
_unlikely_ possibility you ever sell for a net _gain of more
than $250,000 [$500,000 MFJ].

Bill

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- quote -

Assuming that over the last five years you have successfully
mastered the use of Turbo Tax and are happy with the results
you have obtained, then there is no reason to seek
professional help as Turbo Tax can easily handle mortgage
interest and property taxes.

--
Alan
http://taxtopics.net

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"iffi" <irfans[at]gmail.com> wrote:

- quote -

you can continue using turbo tax, you're fairly standard as
a rule.

bw

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- quote -

The only real glitch this year would be that some of the
money that you paid at closing is deductible, and some is
not. But a normal itemized tax return is not rocket science.
You might want to have them done THIS year, just to ease
your concerns.

Many of my clients could do their own taxes; they just don't
want to take the time and effort.

--
Don EA in Upstate NY

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This may be a stupid question, but here it goes.
I have done my own taxes for last 5 years using TurboTax,
this year I bought a house that I use as my primary
residence, apart from this change my taxes are fairly simple
as I have no investment or stock trading.

Do you advice to do my own taxes, or buying a house is big
enough change that I should get a professional help?

Thanks
Irfan

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