April 24th, 2010
I want to be able to make tax deductions off my fathers house. I am already paying for the payments from my own account. What’s the best way to do this? Do I refinance or do I have to buy the house from him? Can we have both our names on the loan? I will be making the full payments but I dont know if I can refi with just my name. I make 40k a year with a 72+ score. Will this have an affect on me buying a new home later?
I understand my name has be be on the deed. What’s the best way to do that. Do I have to refinance?
April 23rd, 2010
I am a teacher and my husband is a physical therapist. Total we gross about 145K a year. I’m worried that we will be owing money this year since it was my husbands first full year in the higher paying job.
What are some tax deductions I don’t want to miss out on? I’m never sure of all the things I can claim as far as teaching expenses, medical bills, prescriptions, etc. go. I know I can take receipts for the things I buy for my classroom throughout the year but is there a cut off? Also, for medical bills and prescriptions should I have my doctors/dentists/pharmacy print out a list of everything I’ve paid them this year? I had a dental surgery in July that was over ,000. I also have student loans but I’ve heard that you can only claim a certain percentage. Last year the place we had our taxes done said my husband could only claim a VERY small amount (right around a thousand) of the ,600 he paid out to his student loan company. Is that correct?
What are some other hidden deductions we might be able to claim that we might have missed out on in the past? We have no children, just two dogs =)
April 23rd, 2010
Isn’t it a discriminatory practice to limit the tax deductions of some Americans while others have them available? Why should Americans tolerate this blatant discrimination? Wouldn’t a flat tax on all income of all earners (multinational corporations as well) be a better plan. All earners would pay the same % of their income to the Treasury. No tax deductions, no tax credits.
The "poor" would not pay agreater per centage the per centage wold be exactly the same…say 7% for all tax payers.
If we used a flat tax we could then use the revenue the Treasury collected and charity monies to help those in need…the American people are the most charitable people on Earth and we would help our own in greater numbers.
April 22nd, 2010
Hi,
I’m terribly confused about the Indian tax deductions, amount of savings I’ve to show and HRA, Can anyone please guide me to any references where a beginner like me can understand exactly what has to be done to deduct minimum of tax.
This is my salary structure:
Basic: 8,320
HRA: 4,032
Conveyance Allowance: 800
Special Allowance: 9,600
And the following are my monthly deductions:
ProfessionTax: 200
ProvidentFund: 998
TDS: 850
April 22nd, 2010
Have a question about how taxes work for first time home buyers. In terms of tax deductions and right offs, How does the interest paid on mortgages work? Say in 2008, you earn less than 0,000. You paid 00 in interest on your mortgage and 00 in PMI. Then you found out you owed 00 in taxes. So you can just deduct the interest and PMI from the 00, making you owe 00 in taxes?
April 21st, 2010
I’m curious to know what tax deductions I can take in the following situation, if any:
I own rental property. In the past 12 months (and 2 tenants), I did not receive rent for a total of 4 months (I’ve had great luck with tenants this year!). Also, the rent is only ¾ the mortgage, so I pay ¼ of the mortgage out of pocket every month.
I know I can deduct maintenance and repairs on the home. Can I deduct proprty management fees,leasing fees, court fees for the evictions and is there any deduction for the loss of the 4 months of rental income while a tenant was still occupying the property during the eviction process?
Please let me know if more information is needed for a more accurate answer, and thank you in advance for any information.
April 21st, 2010
1 month ago, I became a foster homes for animals, specifically cats. Yes, this does exist. No, I’m not able to foster children.
I was told by the animal rescue that my mileage and purchases for my fosters are tax deductible. So I need to save gas receipts, pet store receipts and make a log of my mileage.
Then I was told by another that I won’t be able to file the specific form for the tax deductions because I do not own any property of sizable amount, such as a house. Cars are only worth 000.
So is this true? Will I not be able to claim the deductions because I don’t own property or what?
Thanks everyone! I’ll just cut my losses and be satisfied that I’m helping these animals. But I will continue to keep a mileage log and pet store receipts to claim deductions for whenever I do purchase a home. Hopefully, I’ll be able to claim from the year I started on up. I’m not sure.
April 21st, 2010
Ok so my husband and I are looking at buying a house. We are getting in touch with a VA Loan representative next week. I was just wondering about propery tax deductions. I am not sure what it means. We were told that since my husband has a 10% service connected rating that a 960 tax deduction is available.
I dont know what this means and I do not want to go in talking to the VA Lender completly clueless.
Thanks for your help 
April 20th, 2010
Tax Deductions
I would like to know if the following items are tax deductable. If you don’t know or may think you might know, please pass. Yes or no answers only.
1. Gas to and from work. (hey doesn’t hurt to ask)
2. Auto Repair and Up-keep, interest on car loan.
3. Clothing/Hose/Shoes (job requires and company gave 0 twice a year clothing allowance. Now of course more was spent, because there no way 0 would cover clothing/hose/shoes for a year.
4. Dry cleaning for above mentioned clothing.
5. Purchased home in 12/07. Taxes paid on home is a given, but what about upgrades such as plumbing, electrical, complete rip out of bathroom, floors refinished, dangerous trees cut down (power line ran through one and the other a 70′ half dead pine that was just waiting on a good wind). Doesn’t hurt to ask this either. House closed on 12/10/2007, too late to claim closing cost, attorney’s fees, inspection, points?
6. For medical expenses other than doctor visits, how about dental, prescription drugs, test ordered by doctor.
7. Day care for son yes, but what about special fees paid to daycare for trips, snacks, supplies?
Can all be clumped together as "child care" or does it have to be itemized?
8. Son’s school fees, plus the list teacher sent home for 0+ supplies (you know the list, 2-boxes of tissue, 4-packs of notebook paper, 50- pencil, etc)
9. Son’s school clothes
10. I have a personal on-line trading account. Can I deduct losses in stock market, as well as fees to buy and sale?
I know this is a long list, but this is the first that I’ve idemized. Can I still use the 1040 form, or is that a thing of the past. If anyone knows of a website that will tell you what is and what is not deductable, without alot of double talk, please provide link. The IRS website is awful.
Thank you.
April 20th, 2010
I am a boilermaker in apprenticship program. My job site is only 19 miles from my home. I live with my girlfriend-her home. What tax deductions can I take on my taxes? I have my mailing address at her residence. I am new to the boilermakers and my 2007 taxes are the first year I am having to file as a boilermaker. Please advise me with any adivce you can give. I have been saving all receipts. Even food receipts for our home. What portion if any? With us not being married and my job site being 19 miles from the home- I just don’t know what I need to report and not. Also what about my cell phone bill, stuff like my wool socks, my personal truck maintence to get to work and back??? I live in Missouri.