2014 Federal Income Tax guidance
Any help out there would be appreciated. I am currently traveling full time with my family for a year now. We sold our house LAST year and bought a fifth wheel and truck to start our adventure. We are...
Forum Discussion
Mike NW wrote:jrp wrote:
Hard to guide you to the right forms or give you advice, without more specific questions.
Did you change your state of domicile when you started fulltiming?
If you still work fulltime, did you track your earnings/wages by the states you worked in?
As far as the house sale, read Publication 523, You'll be happy to learn that unless you made more than $500,000 (married)/$250,000 (single), your capital gain from the home sale is tax exempt, provided this home was your principal residence for at least 2 of the last 5 yrs.
Excellent points to consider. One other one may be that if you have any interest on your RV it would be considered deductible. I would think the biggest concern, based solely on what you have mentioned, is that you are continuing to work. Depending on which state you worked in you may have state income tax issues. In addition, the handling of the sale on your house may be different at the state level than the federal level. Check your state for specific reporting and tax implications of the sale of the house.
Also, if you're itemizing deductions in order to take advantage of the loan interest, also check the sales tax & personal property tax deductions. The sales tax paid on both purchases (5er & TV) can be added on top of the generic table amount generated by your tax software, and the new title, licensing and registration fees are also deductible.
{DISCLAIMER:} I am not a practicing CPA, but I have done all the above for years on our taxes without audit on these issues. Good luck!
