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
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.
As far as using a tax "Pro" most are over rated in my experience, especially those at H&R Block. Unless you failed high school math, TurboTax leads you through it step by step. In any case its up to you to have the receipts or backup docs for whatever deductions and/or exemptions you claim.
If I am not mistaken isnt that tax exemption for capital gains ONLY if you re-invest the money from the sale in another house you will occupy?? I'd check that out.
