We have spent weeks and much online time over the last couple of months trying to determine if we needed to file an income tax form for Joan and the sale of the house. Finally, today, after multiple tries, the lawyer who drew up the Tingle Family Trust for WB and Joan got back to us and said they strongly recommended that we file and get the sale of the house on record, to get the statue of limitations ticking. If we don’t file and don’t get it ticking, who knows? twenty years from now, when I am dead, the IRS may decide the Brothers Tingle owe back taxes on a house sold in 2006.
So Carol came with me and we made an appointment to go to H and R Block. First we got lost, then we had to wait, after rushing around to get there because we were lost and were late. And well—then, it had to be decided whether we were filing a trust form or an individual form. So a call was made and it was decided that we do an individual form. Turns out however that an individual form is actually a joint form, so we needed the social security numbers for both Joan and WB. We had the former but not the latter, so we had to drive home and find the social security number and then phone back to H and R Block. We then received multiple calls from H and R lady, plus we made calls to Brother Dave who was up north near Idlewild in a casino to gather information. We learned WB and Joan paid 55K for the land and about 55K for the construction of the house in about 1980, which we sold for 575,000 in 2006.
So after the H and R lady ran all the numbers it seemed clear we didn’t owe anything tax wise and I guess we could not have filed, but if we hadn’t—who knows—we wouldn’t be on record, I guess.
Big Sky today in SB with winds gusting to 40 mph.