Can I file now or do I have to wait until

[main0125]

I have recieved my 2007 W-2 already. Last year I bought a time share in January. Do I need to wait until I recieve paper work from my time share people or can I file now. I kind of need my refund now because I just recently seperated. I always file married joint w/ 2 kids and I make around 35000 a year if that helps...thanks

[DaveO]

Not quite enough information

Usually the only thing about a time share that may be deductible is some prorated taxes and then only if your time share is a part ownership of the property itself instead of a simple right to use. The vast majority are the latter type. Also you didn't say if you have previously filed a schedule "A". That where your bit of property taxes would go if you owned that rare type of share.

You state you recently seperated. If you lived with your wife a single day in the last six months of the year your only filing choices are Married Filing Seperate (MFS) or Married filing Joint (MFJ). MFS is usually the worst filing status in terms of lowering your tax bill. If you lived apart from your wife for the last 6 months of 2007 and provided a home for over 1/2 the year for one or both of your children you may qualify for Head of Household (HOH) status.

You can still file a joint return as long as you are married even if you don't live together.

[joanmcq]

The time share may have mortgage interest on it too. But if he doesn't own another home, he probably won't itemize and it won't help.

[erchess]

I am under the impression

that in some states including NC a decree of separation from a judge is accepted by the IRS as a legal divorce. The key, I believe, is that the decree contain the phrase "separation from bed and board" as opposed to the more usual trial separation.

[Bees Knees]

Folks, we have two choices.

1. We can continue to answer general public tax questions, and encourage the general public to get free tax advice from us.

2. We can tell the general public to see a tax professional as this is a forum for tax professionals.

Its your choice.

[BOB W]

Thanks for the "jump in" Bees. I was thinking the same thing earlier. This poster left many basic fact issues undisclosed and any response would not have been exactly what the poster may have needed.

Advice is impossible without all the facts. Just because you may not be liable, play it safe with personal posters, don't reply.

[PIGLEE]

Quick answers without the ALL the facts can be very VERY dangerous. Unless it is a prior client, even then I do not like to even attemp an answer over the phone, let along on the web where the person has something in writting from us. OUCH!

THERE ARE JUST NO SIMPLE ANSWERS ANYMORE.

[Nashville]

Free Ride

It is obvious that Main0125 is not a tax preparer. We can generally tell when someone never gives any facts that a preparer would know to be critical, and/or engages in tax lingo and speech that reveals a total lack of tax knowledge.

Bees asks what to do with these people. My answer is to continue to allow these people to visit the board, with two things to keep in mind. 1)To intercept these people just puts another burden on the moderators. You've got two guys (as far as I know) who have to police these threads for vulgarity, insults, advertising, etc. And the board is growing, which is good, but also means there is more for them to read. 2)When most of us read a post which obviously is not from a preparer, either tell them to find one or just simply don't respond at all.

For these people, this board may be their first low-cost attempt to fill out their own return. Their next step will be TurboTax or TaxCut.

[main0125]

I am not a tax prepare at all. I'm not sure if i was breaking in board rules or anything, just looking for a little info. I am recently seperated in the last week. I was married and together all of last year. My main reason for asking the question was to just to get a little info. I do not own my own home. With people who do own a home they file using a different form and i am not sure what are the taxes breaks or benifits if any. I want to file them now but would wait if anything releated to my timeshare would help get a bigger return.

[BOB W]

I am not a tax prepare at all. I'm not sure if i was breaking in board rules or anything, just looking for a little info. I am recently seperated in the last week. I was married and together all of last year. My main reason for asking the question was to just to get a little info. I do not own my own home. With people who do own a home they file using a different form and i am not sure what are the taxes breaks or benifits if any. I want to file them now but would wait if anything releated to my timeshare would help get a bigger return.

You should seek a local professional, CPA or EA, they will ask you all the questions needed to file your return quickly and accurately. Even the best preparer on this board will have trouble giving the most accurate advice without an interview.
______________________________________________
and that is all I have to say about that..............Forrest Gump

[Bees Knees]

Nobody said you were breaking any rules. You are free to ask questions, and tax professionals who frequent this board are free to give away free advice, or choose not to do so.