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Tax advice / question

Discussion in 'BBS Hangout' started by KingCheetah, Mar 5, 2003.

  1. KingCheetah

    KingCheetah Atomic Playboy

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    I have to pay a little over $500 in capital gains this year. I also have $500 in charitable contributions. Would it benefit me at all to use the 1040 long form to try and offset some of capital gains with the contributions? Or should I just take the standard deduction and press on? It seems like a straight forward question, but I have had all kinds of trouble getting an answer.

    thanks-
     
    #1 KingCheetah, Mar 5, 2003
  2. Pole

    Pole Lies, damn lies, stats, and peer reviewed studies
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    It's not a straightforward question, but I have a straightforward answer.

    You itemize your deductions when they exceed the standard deduction. Therefore, if your charitable contributions, when added to any other deductions you might have, exceed the standard deduction, then you should itemize.
     
    #2 Pole, Mar 5, 2003
  3. RocketsPimp

    RocketsPimp Member

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    Ditto. And any losses I've had are offset by wash sale rules(I think). I used H&R Block's online filing software to do my taxes. At the end they suggested I contribute $2000 to an IRA which would offset the $500 I owe.
     
    #3 RocketsPimp, Mar 5, 2003
  4. KingCheetah

    KingCheetah Atomic Playboy

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    Is anything straight forward regarding taxes other than you have to pay them? No wonder I wasn't able to find/ get an answer with my vague question. Thanks for the advice.
     
    #4 KingCheetah, Mar 5, 2003
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