The IRS Deductions Blog

Posts Tagged ‘tax’

Question: Are HOA fees tax deductible? Can you write them off, in my case they pay my property taxes.?

Are HOA fees tax deductible?

My HOA’s are $1,100 a month and cover my property taxes and all utilities. Is a portion of that tax deductible?

Also, if I’m only renting out one room in my house, does it qualify as a rental property? Does that make a portion of my HOA’s tax deductible?

Thanks for your time.

Answer: I’ve never heard of an HOA covering property taxes before, but….

Mortgage interest and property taxes are deductible IF you itemize deductions.

Renting out one room of the house makes most expenses (partially) deductible, to the extent of gross rental income. If the tenant doesn’t have a separate entrance, and you’re living in the house, you probably are forbidden from claiming a loss on Schedule E, and otherwise Deductible Expenses are counted first, so the proportionate share of your mortgage interest and property taxes must be claimed on Schedule E rather than Schedule A.

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Tax Deduction Tips for Businesses : Filing Cash Based Accounting for Taxes

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

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Question: Is it better to refinance a mortgage for a tax deduction or continue with my 15 year mortgage?

I have 10 1/2 years left on a 15. Single, retired and no dependents.Pension(60,000) Does it make sense to refinance?

Answer: Interest rates dropped to around 6.10% for a 30 year loan. What is your interest rate. Will you save money by refinancing? Your mortgage does not account for much of a deduction. You may want to stay the course.

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Tax savings Home Based Business – Business Use Percentage BUP

Question: Does anyone know of a charity that would accept jewelry as a donation?

I have an old engagement ring that I would like to donate to a charity that is recognized by the IRS (for tax deduction purposes). Does anyone know of an organization that would accept a piece of jewelery? Thanks……

Answer: I might suggest a better alternative… send your ring to MIDWEST REFINERIES & donate the proceeds to whomever you choose. Midwest is not like those scams Gold kit and such. They are a real refinery – family run – take a very small (%5) of the gold value. I have done business with them for 2 years now. They don’t charge any Extra for assaying or melting. They pay you strait up 95% of the value of the gold in the jewelry. You can look them up at www/midwestrefineries.com No order is too small. If you send to them on Monday… many times I have gotten payment by the following Monday. Most Charities other than the salvation army wouldn’t know what to do with the Ring or it would unfortunately now days end up in someones pocket. I run a non profit & that is where we send all our jewelry we get from storage auctions or donaitons.

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IRS TAX TIPS: Charitable Contributions (ASL, CAPTIONS, & AUDIO)