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Last year when I filled out my taxes, my financial life was about as simple as it gets and that's a good thing b/c I hadn't done it in over 20 years--was married all that time and the was-band always did it and then 2011 was the first year I was single for the entire year. I still managed to mess it up and the govt was kind enough to track me down and give me more money! LOL Oh yeah and then the state came back and said I didn't pay them at all.
This year things will be much more complicated since my mother passed away last January and she had money and property and I inherited quite a chunk of it. I will certainly hire someone to do my taxes this year but am wondering if this is something that a co like H&R Block or Liberty could handle or if I should get a CPA? If I do get a CPA, what should I look for? Any and all thoughts welcome.
...2011 was the first year I was single for the entire year.
I still managed to mess it up and the govt was kind enough to track me down and give me more money!
This year things will be much more complicated since my mother passed away last January and she had money and property and I inherited quite a chunk of it.
Three things:
1) Make a hard copy of your 2011 tax return with amendments.
2) Based on that return... determine the 2012 numbers for the basic stuff that hasn't changed.
3) Contact the executor/trustee of your mothers estate to see which (if any) of the money
and/or property you inherited comes with any tax obligation to you.
Don't do anything else until these tasks are done and clear to you.
Quote:
I will certainly hire someone to do my taxes this year... <--Meh
but am wondering if..or if I should get a CPA? If I do get a CPA...
Get through tasks 1, 2 and 3 above.
If the executor/trustee describes something genuinely complicated...
ask for assistance to clarify how to report that and if you still need more help than that...
then absolutely get a genuine CPA.
Last edited by MrRational; 01-18-2013 at 10:38 AM..
Personally, I wouldn't trust my tax filing to HR Block, unless you are okay with having your taxes possibly prepared by a seasonal "tax professional" with a couple of weeks of training.
Personally, I wouldn't trust my tax filing to HR Block, unless you are okay with having your taxes possibly prepared by a seasonal "tax professional" with a couple of weeks of training.
Totally agree! Find a professional to do your taxes.
Three things:
1) Make a hard copy of your 2011 tax return with amendments.
2) Based on that return... determine the 2012 numbers for the basic stuff that hasn't changed.
3) Contact the executor/trustee of your mothers estate to see which (if any) of the money
and/or property you inherited comes with any tax obligation to you.
Don't do anything else until these tasks are done and clear to you.
Get through tasks 1, 2 and 3 above.
If the executor/trustee describes something genuinely complicated...
ask for assistance to clarify how to report that and if you still need more help than that...
then absolutely get a genuine CPA.
This advice makes total sense but truth is it all confuses me. Point 1: I already screwed that up and the govt sent me a check for the money I didn't claim so not sure what I did wrong. Point 2: Almost everything has changed. I mean, I still live in the same house, I'm still debt free, and that's about it. Did I mention that I have one dd in college on full scholarship and one a senior in HS also trying to collect a scholarship or at least financial aid so will have to account for them too? Point 3: My brother is the trustee of the estate and I don't think he completely knows either--he also plans to get a CPA. However, I don't think there is much taxes that need to be paid on but there is a sale of some real estate--I inherited her house and then turned around and sold it right away w/o living in it. May not have to pay much if anything on that but I'm sure I'll have to account for it in some way. Also I started some kind of partnership with my brother of which I own 40% and that will surely complicate things.
That said, I will probably sit down this week and try to work out point 1: I need that info for dd's financial aid package anyway and I hate to think I'm that dumb that I can't do that.
Quote:
Originally Posted by mdwstrnkid
Personally, I wouldn't trust my tax filing to HR Block, unless you are okay with having your taxes possibly prepared by a seasonal "tax professional" with a couple of weeks of training.
Personally, I would look for a CPA and one that is an enrolled agent with the IRS. Stay away from H&R Block & Liberty and all the chain preparers, my deceased husband took the H&R tax school course, all 6 weeks of it and you could have gotten him... would not have been good, he knew nothing about estate taxes.
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