We finally have all the reports we need to do taxes. Downloaded everything into TurboTax and of course we owe money! I guess the Good News is that the market was good to us this year increasing our portfolio so the recent decline mostly reset us to levels of a year ago. The Bad news is that we have to pay taxes on some of the gains this year! Assuming we will have losses next year to offset any gains if the market ever recovers.
The other challenge for us this year is to figure out part year resident taxes for CT. After reviewing all the statements it seems all the interest and dividends were fairly evenly distributed throughout the year, so my approach is to allocate the totals based on the number of days we owned property in CT and the balance to Florida. At least I don't owe CT any additional money so that is a relief. Hope to have it all reviewed and sent in this week. Oh yeah, and pay the tax bill. Next year no state tax return to file! Yippee.
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Author: Penny
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October 2020
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