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Updated almost 11 years ago,

User Stats

155
Posts
37
Votes
Lucero Sanchez
  • Contractor
  • Queen Creek, AZ
37
Votes |
155
Posts

Which form should I use for my taxes this year, short or long form??

Lucero Sanchez
  • Contractor
  • Queen Creek, AZ
Posted

Hello, I posted a question on January 30, 2014 it was this one:

"In 2012 we purchased our primary residence for $60k it was a short sale and we bought it with out any loans, a year in a half later we found a larger home in a nicer area also a short sale for $157k, by that time our primary residence was now appraised for $138k, so we sold it, we found a private lender to lend us the difference so we could buy the short sale cash. So every penny from the sale of our first primary residence plus what the lender let us barrow went straight towards the purchase of our new primary residence. A few days ago I received a 1099s from title company for $138k, will I need to pay taxes on that amount or the profit we made on the first primary residence $60k - $138K = $78k profit which went straight to our new primary residence?"

I did get a few great answers her on the forum, but now I have a couple more questions, I went to a couple tax "professionals" to get my taxes started, the reason I went to a couple of them was because I got 2 different ways to do my taxes one said to use the short form and the other said long form and one way was more expensive than the other, so now I'm confused in which way to do them, I've done my own 1040 over the years because yes my life was pretty simple before but now we are in this situation (question above) so can I be guided to which way I should go, should I use a long tax form or a short one which is better? Or can I do my taxes myself what forms should I use for our new situation. Any help or advise please??

I am a stay at home mom with no income, but my husband is an AC Tech in AZ he made a bit over $50k and got a W-2 form for 2013 we have 2 children under the age of 18 so we can claim them as dependents so see it was pretty simply before. Thank you.

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