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SD tax accountant


rynosback

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I'm looking for a SD tax accountant to do our taxes. If it matters, my domicile is in Madison, SD. Not that I am going to drive there and sit in front of them. Looking to see who people are using and how you like them. I left the state of MD and my tax guy had been doing my taxes for 23 years.

Thanks

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No offense intended, but since SD doesn't have an income tax why is it necessary to have an SD accountant? All CPA's can do federal returns and that's probably all you need. I happen to agree with LindaH that TurboTax has worked fine for us. We use the Home & Office version and it has everything we've ever needed. I still spend time to read up on any unusual circumstances we might have, but I always did that, anyway, even when we used an accountant.

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Good point Joel. However I was like ryno in that we had a tax person for 20 years, a retired AF Chief who is now gone. I told him I was going to do my taxes myself next year one year in 2000 I think it was. See, we wintered here. So I did them and he called me up asking if I wanted to do them early and I said he wasn't doing them, I bought a tax program. He asked me to bring them in and show him. I had it figured to the penny and I owed a small amount, 25 bucks or something along those lines. He asked me if he did them would I pay him my refund since I would not be paying anything with him. I told him no just the regular 75 bucks. My return, legal and above board was almost $500.00 with him that year. My current tax person is another retired AF Chief.

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I sold a house in MD and just want to make sure that any paper work is done right. Thanks for the feedback. I might not even be doing a long form anymore either.

 

Gain (profit) on sale of a principal residence isn't generally taxable for most people these days and loss on sale isn't generally deductible. As a result sale of your home isn't pretty much a non-event from a tax perspective. It's something that can easily be handled by TurboTax, in fact we used it for that ourselves.

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rynosback, on 22 Dec 2015 - 9:02 PM, said:

I sold a house in MD and just want to make sure that any paper work is done right.

 

Docj is correct. Unless you had a profit of over $250,000 (single) or $500,000 (married), you aren't going to pay taxes on the sales proceeds.

 

You can download Publication 523, Selling Your Home, from the IRS website and read through it for information. Good information to know, even if you do use an accountant to do your taxes.

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I sold a house in MD and just want to make sure that any paper work is done right. Thanks for the feedback. I might not even be doing a long form anymore either.

The answers above are correct for the federal tax but if you have a problem it won't be with SD but with MD where the transaction took place and where there is an income tax. In most states the exemption is the same or greater than the federal one, but it may be worth checking to be sure. But you could still use TurboTax in the MD state tax version just to be sure and it likely will cost less and be more convenient.

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The answers above are correct for the federal tax but if you have a problem it won't be with SD but with MD where the transaction took place and where there is an income tax. In most states the exemption is the same or greater than the federal one, but it may be worth checking to be sure. But you could still use TurboTax in the MD state tax version just to be sure and it likely will cost less and be more convenient.

 

Most TurboTax "packages" include one free State return. Since the OP doesn't need to file a return for SD he could use the free State return in order to report sale of his home.

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Docj is correct. Unless you had a profit of over $250,000 (single) or $500,000 (married), you aren't going to pay taxes on the sales proceeds.

 

You can download Publication 523, Selling Your Home, from the IRS website and read through it for information. Good information to know, even if you do use an accountant to do your taxes.

This is a one time only exclusion. If you ever purchase another residence and have a gain on sale you will be hit for capitol gains taxes on the new sale. Also if you file a joint return and one spouse dies and the other remarries, the remarried spouse and their new spouse will not be able to use this exclusion on the sale of another residence if they file a joint return.

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I sold a house in MD and just want to make sure that any paper work is done right. Thanks for the feedback. I might not even be doing a long form anymore either.

 

Doing some research on your own or consulting with a tax accountant might be a good idea. Getting the tax break on the capital gain depends on whether the house was used as a rental or a personal residence. If a personal residence then there are rules associated with when and for how long you used it as a personal residence and if/when you have taken that tax break on the sale of previous residence.

 

Turbo Tax might walk you through all these issues. But I've used TT for many years and I *have* found instances when they either do not cover, or do not thoroughly cover, some complex issues.

 

I agree with those who say you don't need a SD tax accountant - in fact, as others have noted, if I were you I'd use a MD accountant to ensure that MD state tax laws are followed.

 

As an aside, when you file your final MD state return it's a good idea to file a partial year return and add an explaination that you have "moved" to SD as of the ending date covered by that return.

 

---ron

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