The IRS Deductions Blog

Posts Tagged ‘realestate’

Question: Will the New Obama administration go after all your deductions ?

because it sees them as costing them money ?

Answer: Yes they do plan on taking away the 401k deduction, they also plan on attempting to put our 401k account balances into a “government safe-bond” with 3% interest. They also plan to give $600 per year to the bottom feeders who decided not to save, read more here:

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

“Lauding GRAs as a way to effectively increase retirement savings, Ghilarducci wrote that savings incentives are unequal for rich and poor families because tax deferrals provide a much larger âcarrot to wealthy families than to middle-class families and none whatsoever for families too poor to owe taxes.

GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not earn a 3% real return in perpetuity.In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.”

Items on Amazon Right Now for Mortgage Tax Deduction Obama:

Firms Say Part Of Health Law Will Cost Them Millions

Under the newly passed health care law, companies still get a subsidy for offering prescription coverage, but they’ll no longer get a related tax deduction. Some say the change will cost them millions of dollars, and they may have to drop drug coverage altogether.

President Obama on reconsidering Tax Deductions for mortgage interest and charities

Question: Impact of STT while calculating STCG for a investor (not trader) for the FY 06-07. Please clarify and help.?

Please confirm the tax liability, for a investor, in the following scenario :-

Answer: I think that I have seen a similar question some time back.

Your short term capital gains are ZERO. You can further add your demat expenses to the purchase cost and also you can reduce the sale amount with demat expenses (Expenses of transfer). That is all. You cannot claim interest on loans other expenses. This will apply for FY:2006-07, 2007-08 and also for 2008-09.

Items on Amazon Right Now for Investor Tax Deductions:

Do This in the Next 3 Days or You’ll Regret It

This counterintuitive move could save you money.

Tax Deduction Tips for Businesses : Filing Investor Expenses for Taxes