The IRS Deductions Blog

Posts Tagged ‘house’

Question: Would this be a tax deduction?

In April of 2009 I purchased a 5-acre parcel of land. It was empty – no houses or structures of any kind. This was my first time purchasing any type of real estate. I don’t think I’d qualify for that “First Time Home Buyer” tax credit, but will the purchase of this property effect my income taxes in any way?? I already paid the property tax for it this past December. Thanks!!

Answer: The FTHBC requires a house.

The property taxes can be added to your schedule A if you itemize or up to $500 to schedule L if you don’t.

by the way the other two posts are hopeless. ALL property taxes from investment property CAN be claimed on schedule A.

Unless you actually rented it out, you do NOT use schedule E.

Items on Amazon Right Now for Tax Deduction First Time Home Buyer:

Vancouver housing market surges thanks to Chinese buyers

Buyers from mainland China are leading a wave of Asian investment in Vancouver real estate as China tries to damp property speculation at home. Vancouver real estate is now more expensive than New York

Westpac banana smoothie video on mortgage interest rates – plus response

Question: excel spreadsheet help!!!?

i am working on an assignment in data management and i need to calculatethe following deductions from yearly taxes. i think i am supose to use a formula but am not sure of which. maybe the “if” function. well here is the info. please help!

Yearly Taxes

Tax is calculated by using the following parameters:

The first $28,275.00 of taxable income has a rate of 25.5%
The Second $28,275.00 of taxable income has a rate of 39%
Anything over that has a rate of 43%

The table below may help:
Tax is calculated by using the following parameters:
The first $28,275.00 of taxable income has a rate of 25.5%
The Second $28,275.00 of taxable income has a rate of 39%
Anything over that has a rate of 43%

He makes a gross pay of 192,000.00.

Answer: if theres a table below , I think this is a VLOOKUP

Items on Amazon Right Now for Tax Deduction Spreadsheet:

Senate weakens anti-union bill amid opposition

TALLAHASSEE — Faced with certain defeat of his anti-union bill, a powerful Senate leader backed off his proposal to ban unions from collecting dues through payroll deduction Friday and offered up an alternative to keep the measure alive.

Mileage Report and Vehicle Reporting Spreadsheet Form

Question: What kind of Tax Deductions can a first time home buyer receive?

Answer: First it depends on your income status and tax bracket. Most commons ones are property taxes, and mortgage interest.

Items on Amazon Right Now for Tax Deduction Home Buyer:

Ford to launch joint venture with Russia’s Sollers

Ford to launch joint venture with Russia’s Sollers

Phoenix Home Buyers, Tax Deductions for 2009

Question: Home Equity Loan to repay 401(k) Loan?

I took a loan out of my 401(k) to pay for part of my down payment, and for renovations for a co-op I am purchasing. My thought was to repay the 401(k) with a home equity loan, the thought being that the interest on the HEL is deductible, versus no deductiblility for the 401(k). Are there any restrictions about what a HEL can be used for?

Answer: Technically, only funds used directly for upgrading property are tax deductible. That said, however, most people do deduct the interest paid on their home equity lines of credit from their taxes and only an audit would require you document the upgrades. Talk to your tax accountant/CPA since you would be using the funds to repay a 401K loan.

There are no restrictions on what you use the funds from a HELOC for. The equity in your home is yours to use as you please.

Items on Amazon Right Now for Deductible Interest On Home Equity Loans:

An Entrepreneurial Fix For The Jobs Crisis

Tax cuts won’t spur employment but entrepreneurial energy will. Here’s how.

Home Equity Lines of Credit : Are Home Equity Lines of Credit Tax Deductible?

Question: In UK property renting, what’s are the Deductible Expenses against rental income?

…and can anyone point me towards and example tax calculation for a buy-to-let property

Answer: The short answer is anything to do with the letting – there is no standard as everyone’ situation is different. Ask yourslef, is this expenditure due to the letting or not?
Soem examples might be: mortgage interest, 10% wear and tear (if furnished), repairs and renewals, redecoration, agents fees, insurance, etc.
the tax calculation will be part of your personal self assessment and HMRC provides software for this.

Items on Amazon Right Now for Deductible Rental Property Expenses:

Every Landlord’s Tax Deduction Guide (2nd Edition) $25.00 This bestseller is the only book on tax deductions specifically for residential landlords! If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — without the services of a high-priced accounting firm. This book explains how to ma…

Town of Loxley approves 2010-11 Budget

LOXLEY, Ala-The Town of Loxley unanimously passed their 2010-11 Budget on Monday night with revenues totaling $2,838,800 and expenses totaling $2,882,732 creating a deficit of $43,932 in the General Fund. Utility Fund Budget income is $1,798,011 with expenses at $1,050,190 giving a net ordinary income of $747,821.

Personal Injury Attorney Melbourne FL – I Was in an Auto Accident with a Drunk Driver.