The IRS Deductions Blog

Posts Tagged ‘deduction’

Question: Tax deduction question?

I work for a company as a bookkeeper and I use my perosonal vehicle when taking deposits to the bank or mailing invoices/statments. Its uaually around 5 total round trip miles per day 4 days/week. I do not currently charge them for my miles. Since I do not do this can I claim my vehicle or mileage on my tax refund?

Answer: It can vary. I would call a local tax place like H&R block. There’s also a link for you> http://www.irs.gov/ which would have the correct answer for you.

Items on Amazon Right Now for Tax Deduction For Mileage:

High prices fuel increase in gas mileage deduction

The Internal Revenue Service is increasing the tax deduction motorists can take for using private vehicles for business, a rare midyear move sparked by high gas prices.

Mileage

Question: Regarding Tax Deductions for an RV?

From personal experience, I know that the interest on an RV loan is often tax-deductible like a mortgage loan, as the RV is construed as a second home. I also know that if one were to cash out some investments to purchase other investments, one would not have to pay taxes on the proceeds.

So, my question is, since a second home could be considered an investment, if one were to cash out investments to purchase an RV, would the proceeds be non tax-deductible?

Answer: If you sell a capital asset at a gain you will owe taxes on that gain regardless of what you do with the money. The repurchase of another asset, motor home included, will not make it non-taxable. I assume that’s what you mean by “non tax-deductible”.

Items on Amazon Right Now for Tax Deduction Second Mortgage:

Borrow against your home to pay credit card debt?

Should home equity be used to pay down credit card debt?

How to Organize Your Tax Papers

Question: Mortgage Interest Tax Deduction ?

The house is titled in my husband’s name, but the loan is still in mother in law’s name. My husband and I have paid the mortgage all year. Who claims the income tax deduction, my husband or my mother in law?

Answer: Interest statement from the mortgage company will come in mother in law’s name. Better ask your tax preparer that question. I’d be interested to hear the answer! what my first thought was: Legally mom owns the house and your purchasing from her on land contract…she claims the mortgage interest..but she also has to claim your payments as income. But I’m not certain this is correct. Never seen a mortgage company that would title a home in one name and carry the mortgage in another……

Items on Amazon Right Now for Income Tax Deduction Mortgage Interest:

Tax Break for Mortgage Debt Is Ready for the Wrecking Ball: View

Americans think differently about housing now: Developers have cut back on speculative projects and mortgage bankers view lending standards more soberly. Another important change in attitudes emerged this week when people were asked how they feel about giving up the ability to deduct mortgage interest from their personal income taxes.

Watch This Before You Prepare Your Income Taxes

Question: Simple question about itemized/standard deduction?

Hello,

I was just wandering can I choose to file my standard deduction as well as adding on some itemized things to basically boost my return? Some tax guy from quicktax told me that I can and to come and see him but from what ive heard its either one or the other not both.

Please advise, thank you for your time!!!
That being said thanks to Judy, where can I find a list of adjustments or credits that I can use while filing just standard deduction. If you have an exact webpage I can go to that would be nice. Also, how would I file adjustments and credits when entering my w2 on turbotax?

Sorry to bombard with questions. Thanks so much!!!!

Answer: No, it’s itemized OR standard deduction, not both.

That said, there are a number of items, called adjustments and credits, that you can use to lower your tax even if you don’t itemize. A few of these are IRA contributions, student loan interest paid, child care credits, education credits, and residential energy credits – and this is by no means a complete list.

Items on Amazon Right Now for Itemized Deduction Or Standard Deduction:

Report: IRS lax in checking auto buying deductions

The IRS did not require proof from people claiming deductions for new vehicle purchases allowed under the 2009 economic stimulus act, and has been slow to investigate claims for excessive deductions, according to a government watchdog report.

Business Taxes

Items on Amazon Right Now for Turbo Tax Deduction Maximizer:

download TurboTax Deluxe Federal 2010