I normally file taxes myself since it’s pretty self explanatory.
I bought a house last year and made about 76k from my work so I want to make sure I get the biggest return possible.
I did some upgrades to the house
(it’s a multi family) so I have tenants. A lot of it was paid in cash since family members helped. Am I able to use this for deductions? What’s the max I can deduct without raising any red flags? Considering I don’t have receipts for everything.
Would you recommend just going to a tax professional? I of course waiting until last minute so only h&r block is available to help me before the deadline.
Any other information would help. I use turbo tax but I’m open to using any other software.
>I bought a house last year and made about 76k from my work so I want to make sure I get the biggest return possible.
If you bought and sold last year you more than likely have to pay short term cap gains tax since you did not hold it for 1 year.
>Am I able to use this for deductions?
If you have receipts for all the updates done, sure.
>What’s the max I can deduct without raising any red flags?
That’s an odd question. You only deduct what you’re allowed. That’s really it.
>Considering I don’t have receipts for everything.
Talk to a CPA.
>Would you recommend just going to a tax professional? I of course waiting until last minute so only h&r block is available to help me before the deadline.
In your case, I would. Also, I’d file for an extension. Something tells my you’re not going to be able to get everything done on Monday.
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