Taxes

**Nuckle** · 03-07-13, 10:02 PM

........when you are looking at your tax payment and there is a turbotax ad on the TPG website of people holding up a sign of their refund. Hat hate hate. FFS

Sent from my iPad using Tapatalk HD

**DJ Ms. White** · 03-07-13, 10:09 PM

Thanks to selling my cello under it's appraisal value, I'm getting a pretty decent refund according to my dad.

**Nuckle** · 03-07-13, 10:11 PM

Originally Posted by DJ Mr. White

Thanks to selling my cello under it's appraisal value, I'm getting a pretty decent refund according to my dad.

Well fuck you too.

Sent from my iPad using Tapatalk HD

**HeavyG** · 03-08-13, 12:37 AM

Nuck, do you do your taxes quarterly?

**deputyfestus** · 03-08-13, 06:23 AM

I got a small refund but I withhold at a single rate thru the year.

**Nuckle** · 03-08-13, 10:23 AM

Originally Posted by HeavyG

Nuck, do you do your taxes quarterly?

I have not in the past but will keep a closer check on it this year. My wife and I both claim 0 on our W-4's. We have always had to pay some. We earned more in 2012 than in previous years but never imagined we would owe as much as we do. It sickens me to see what we have already paid and yet we still have not paid enough.

**Nuckle** · 03-08-13, 10:25 AM

Originally Posted by DJ Mr. White

Thanks to selling my cello under it's appraisal value, I'm getting a pretty decent refund according to my dad.

So how is selling an item less than its appraised value a tax deduction?

**DJ Ms. White** · 03-08-13, 10:57 AM

Originally Posted by Nuckle

So how is selling an item less than its appraised value a tax deduction?

Selling at a loss. Same thing as doing it with stock.

Sent from my Nexus 7 using Tapatalk HD

**Nuckle** · 03-08-13, 11:12 AM

Originally Posted by DJ Mr. White

Selling at a loss. Same thing as doing it with stock.

Sent from my Nexus 7 using Tapatalk HD

What makes it different than a car or a boat?

Sent from my iPad using Tapatalk HD

**iravedic** · 03-08-13, 11:20 AM

The only way he could be taking the loss on the cello is by treating it as in 'investment'. Losses on 'personal' property do not meet the definition of a capital loss and are therefor not deductible. Boats used for personal pleasure and the family car are personal property. If you were a commercial fisherman, then the boat would be used in your trade or business and any loss on the sale would be deductible. Or if you had bought an antique car for investment purposes and garaged it then you maybe able to take a loss on the sale.