The IRS Deductions Blog

Posts Tagged ‘credit’

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Alumni Business Conference 2011 – Lamar Johnson

Question: I am a non-resident alien, which line in 1040NR I can put to get tax deduction for buying a car?

Which line I can put my interest from buying CD and having saving account? Who can help my tax for free or low price fee?

Answer: You posted this in the wrong category. This is for Canadian taxes.

There is no deduction in the US for buying a car.

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Personal Financial Planning Tips : How to Create an Investment Portfolio

Question: tax deduction for the single family home mortgage?

for the example purpose, say i want to purchase a home worth of 400000. Assume I get a loan ( 6% int rate for 10 years) for this amount. I get the standard duction of 10000 every year when I pay income tax. In addition to the 10000, how much more can I deduct because of the home purchase ?….what is the maximum amount allowed by IRS to deduct because of the home purchase ?

Answer: I think there is one major thing you’re over-looking.

The started deduction for married filing jointly is $10,700.

If you choose to deduct your mortgage interest, you’ll have to itemize your deductions and not take the $10,700 standard deduction.

You need to go through a Schedule A and total up all of the deductions you can take. If it doesn’t come to more than $10,700, you’re better off just sticking with the standard deduction.

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Drop in giving feared from tax change

Three of four fundraisers expect donations to their charities to drop if Congress enacts into law a White House proposal to limit the charitable deduction, a new poll says.

How to Complete a 1040A Tax Form : 1040A Education Credit Tips

Question: Two unmarried homeowner’s deduction for mortgage interest…?

Hi-
My fiancee and I purchased a home last year. As an unmarried couple, we file separate tax returns. This year, I claimed the standard deduction on my taxes. My fiancee is looking to fill out the itemized deduction section on her taxes which includes interest paid for our mortgage. Her name (and social security number) is listed on the mortgage interest statement from the bank. QUESTION: Since she is itemizing deductions and the interest statement is in her name, can she claim the full amount of interest on our property as a deduction? Recall that I already took the standard deduction myself. Thanks for your help. References to IRS pubs. are greatly appreciated.

Answer: Publication 936, home mortgage interest deduction is what you need to research. As long as the home mortgage interest statement has her SSN on it, you shouldn’t have a problem. It doesn’t matter if you used the standard deduction or not. It would matter if you were married and filed separate returns, because if one itemizes the other must also itemize. Don’t forget to claim property taxes, points paid during the year, and the first time homebuyers credit if applicable,

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Taking Control of Your Taxes – Topic #46 – Big Income tax mistakes you want to avoid

Big Income tax mistakes you want to avoid The problem with IRS tax code is two folds. It’s so convoluted with variations and nuances that defy logic It changes every . . .

Senate Session 2011-06-14 (16:44:05-17:46:13)

Question: in the state of ohio are the sales taxes paid tax deductable for 2010 on a used car?

We purchases 3 vehicles and paid the sales tax for each of them. They were used vehicles but the taxes were over $3,000.00. Is there a tax deduction for this in the state of ohio?

Answer: If you itemize you can take the greater of sales tax or state income tax.

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Senate Session 2011-06-30 (12:44:54-13:47:59)