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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Re: EZ or not EZ Date: 1/26/2000 2:14 AM
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<< Sorry, I was wrong, we paid 3 months of property taxes. Total was about $300. I assume this is for Dec-Jan? We paid $248 for the interest of December. So am I assuming correctly that we need to exceed the $7,200 standard deduction from the EZ to make it worthwile going long form? Obviously the expenses we've incurred are way short of that. >>

Without knowing how your real estate taxes work, it's impossible to tell what period the taxes were for. (I think, but I'm not positive, that the closing statement shows the dates.) You reimbursed the seller for taxes that were already paid, but apply to your period of ownership.

Now, one more thing as you "graduate" to the 1040 and itemized deductions. Take the time to go through the W-4 worksheet and adjust your withholding allowances so your withholding reflects your reduced tax. Put the money to work for you rather than Uncle Sugar.

Phil Marti
Tax Preparer
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