I've got one for you.
It's pretty common knowledge by now that I won a Ford F-150 Supercrew Harley-Davidson Edition (which is still for sale, by the way) and a Harley-Davidson Fatboy (which I sold last Saturday) this year. I've been told that Ford will send me a 1099 for these.
I was also told by an AARP tax advisor (they do tax advice for everyone, not just the elderly) that I can claim a fair market value adjustment off the amount show on the 1099 if I have documentation to back it up. They suggested I have the dealerships that delievered the vehicles give me a written statement of what they would pay to buy them back from me and use that as an appraisal of the fair market value.
Is that legitimate? Is there any way I can save any more on my taxes than that? It's likely going to put me a couple tax brackets higher than I was.
Also, are there any costs I can deduct related to obtaining these vehicles (state sales tax, liscensing fees or even the mileage to drive out to the dealership?) and if so where do I deduct those?
I'll be itemizing (I've got pleanty of charitable contributions to deduct... tithes on a prize of around $50,000 value puts me way over the top for itemizing when I combine it with everything else). So far what I have to deduct is: charitable contributions, job search expenses (mileage and postage for sending out resumes - can I also deduct the cost of newspapers purchased to get want ads?), medical expenses (as I understand, medical expenses are deductable the year that they are paid. Is that correct? Also, can I deduct the amount I've paid for employer sponsored insurance, or is that non-deductable because it comes out of my check pre-tax) and some carryovers from two years ago when our charitable contributions were more than 50% of our adjusted gross income. Is there anything else I should be looking into to squeeze a few more dollars out of deductions?
Sorry to hit you with so many questions at once... and thank you so much for being willing to help us all with this.
If you have any computer problems, let me know. :-)
-Dyllan
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