All Forum Posts by: Jason W.

Yes

Hi All! I am trying to complete our taxes as married filing separately for the first time.  This question might be more of a general tax information but it will cover our property and etc.

So, I am using turbotax in preparing our taxes and wife and I live in a community property tax state. We are going to try the married filed separately route this time and this is a bit unknown territory for us. It would be great if someone here is going through the same or had experience that can help me confirm my thoughts (TurboTax's description for these sections are greatly lacking). When I file my taxes (then separately for wife) do I just add up both W2's salaries (box 1), federal income taxes withheld (box 2), social security wages (box 3), social security taxes withheld (box 4), medicare wages and tips (box 5), and medicare taxes withheld (box 6) and divide by 2 under the 1040 form/section?

For the net method in the community property tax adjustments, (for example my wages is $80k and hers is $90k), my adjustment addition is $5k and no subtraction, correct? Hers would be subtraction $5k and no addition, correct?

Alternatively, for the addition and subtraction method in the community property tax adjustments, (for example my wages is $80k and hers is $90k), my adjustment addition is $45k (half of her salary) and my subtraction is $40k (half of my salary), correct? Hers would be adjustment addition is $40k (half of my salary) and subtraction is $45k (half of her salary), correct?

Also, for the community property tax withheld area, we just add both of our federal income taxes withheld (box 2) and state income taxes (box 17) on the W2 and divide in half also for the federal and state withheld taxes sections?

For joint items like a joint checking with minimal interest, do we report that in the community property section as well? I am tilting towards not needing to because I would have put half of interest income on my filed tax and the other half on my wife's filed tax under the 1040 section. So, wouldn't including it in the community property section would zero itself out since the addition would negate the subtraction with it already being divided by 2 on the 1040 section?

I appreciate everyone's advice and please let me know if i'm completely off base because this ended up being more complicated than I anticipated. TIA!

 Thanks Jo-Ann!  However, apologies but what is an exit realty?  I tried searching just finding offices with Exit as a name...

Hi All!!

I'm a newbie to BP and real estate investing. I am interested in finally getting into investing or at least purchase my first home (eventually). I am eligible to sit for the California Real Estate Salesperson exam. I was thinking the real estate salesperson license would assist me my goals (saving some costs on buying/selling, access to MLS, etc).

Are there any recommendations on where I can hang (is that a term?) my license?  I would imagine that the traditional brokerage expects licensees to be a real estate agent or bring in a certain amount, no?  So, I was looking online brokerage companies.  Am I going down the correct rabbit hole?

Ultimately, being able to sit and obtain a broker's license would be ideal as well.  Here in CA there is a 2 year requirement.  Would "hanging" my license for two qualify?  

Thanks all for any help and looking forward to making BP my new daily site!! :)