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Chances are you have at least one tax form sitting in a pile on your desk. But do you know what to do with it? No need to be intimidated. Here are some helpful tips for filling out the tax forms that come in the mail, so that you can get your refund or put your money toward an upcoming purchase. #1) Put in all of the income information for this year's work. If anyone else helped in any way, have them fill out their own W-2s and 1099s. If you lived with someone this year, also fill out Form 8379, "Uncollected Social Security and Medicare Taxes on Wages." If you rented out some of your property this year, make sure to fill out Form 8824. #2) After checking all of your income (including your spouse's income), calculate the amount of tax you owe for this year. #3) Print eight copies of the Schedule A form that allows you to do itemized deductions (mortgage interest, charitable donations, etc.). File one copy with Federal Paper Service; file seven copies at the post office (to ensure timely refund). #4) Fill in the credit card information on Form 1099-C. #5) Filing a Form 1040? If you have a certain amount in excess of tax exemptions, check the box marked "Other taxes," and attach a statement stating your adjusted gross income for this year. #6) Mail your tax returns and schedules to IRS at: • The Covered Investment has no income or gains but is still subject to tax. Example: Real Estate Property owned by the same person as personal residence property (determined by which was acquired first). The difference in capitalized property basis is considered inclusions in gross income for Federal tax purposes. • The person receiving rental income includes all of the person's gross income, whether or not the rental value is subject to tax. Federal law requires that all income from interest, dividends, or royalties be included. If there are returns for other persons involved in the transaction, they are encouraged to make their own separate returns with their own 1099-INT form and total reportable items. • "Agnostic" meaning - they're not required to report any information, but most prefer to do so for ease of filing or discrepancies that may later justify an audit. (Lender's Mortgage) • The Rental Income is included in gross income for Federal tax purposes. The rental value of property is included in gross income if it exceeds 10% of the owner's income. • An owner must include all rental income (gross rent) up to $25,000 (if married filing jointly) or $10,000 (if single) on the Schedule E. If more than $25,000 or $10,000 is received another form should be completed instead. • Paying the tenant/landlord directly will allow the renter/tenant to report their income on their own Personal Tax Return. cfa1e77820
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