The IRS Deductions Blog

Posts Tagged ‘home’

Items on Amazon Right Now for Tax Deduction Per Child:

Weekly Address: Relief for the Middle Class at Tax Time

Items on Amazon Right Now for What Is Deductible Credit:

Canterbury Property Services: Investment Strategy to Create Exponential Wealth.

Question: How much of my mortgage interest is deductible?

I paid around $7500.00 in interest on my home loan. last year. Now without including my mortgage interest I owe the govt around 4400.00 dollars and was wondering when i include my mortgage interest will that help offset what I owe them. And I made about 70,000 last year and only paid about 4000.00 in federal taxes

Answer: All of your interest plus your property taxes are deductible. The $4000 paid in seems low for that income level, so I suggest going through the IRS publications looking for as many deductions as you can. Given that the mortgage interest is above the standard deduction and if you add in property taxes, you should be able to shave that amount owed down some.

Items on Amazon Right Now for Deductible Home Mortgage Interest:

Great Remodeled Ranch Home

Question: Is mortgage interest 100% deductible and what about the origination fee?

Answer: Yes and Yes.

Items on Amazon Right Now for Deductible Mortgage Interest:

Do You Know That Your Mortgage Interest is Deductable? Jan Rose-Witt

Question: Need details on FSA Dependent Care Account…?

If I’m planning to do a dependent care FSA account, is the following correct? The $ I put in the account are pre-tax, I am reimbursed by giving receipts to my FSA program and receiving a check, etc. back. At the end of the year I get a receipt for dependent care, I can deduct that on my taxes. So, essentially I’m getting a double deduction?? Well, kind of??? Thanks for your help!

Answer: No you may not get a double deduction. Generally you an pick either the tax credit on your taxes or to use the FSA account. For most people the FSA account will be better. The one potential disadvantage of the FSA is that you must estimate your expenses ahead of time. You will lose any extra contributions that are not re-imbursed from the account. However day care expenses are pretty predictable, and often the expenses exceed the max for FSA accounts(5K for one child and I think 10K for multiple).
If you do have expenses in excess of the amount you put in the FSA, you may be able to use the tax credit depending on the amount you contributed.

Items on Amazon Right Now for Tax Deduction Dependent Care:

Alexander Cockburn and Steve Forbes on Events in the News (2/6) (1992)