See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps!
"Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee."
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
If your disability payments are through the VA then they are tax free and are not considered taxable income.
I have a merchant marine who has his permanent residence in puerto Rico and live in va for one month. What tax returns do I file?
The phone number for the Tax Assessor for Fairfax County is (703)222-8234. The below website "Free Public Records Directory" has links for Fairfax County in case you have other questions.
Yes. Last year, I dropped a class that I had taken after getting one payment. The VA took that money back when my refund came back. It will also slow up your refund by a week or so.
no,
To waive the VA funding fee on home loans, a VA loan borrower must be receiving compensation for a service-connected disability rated at 10% or higher. This means at least a 10% disability rating is needed to qualify for a waiver of the VA funding fee.
VA has easier qualifying guidelines for borrowers. They also have a funding fee that can be good/bad. You wont have to pay a monthly PMI, and you can come with zero down. Rates are great, and have nothing to do with your credit score Conventional - harder guidelines, and you may have to pay a high monthly PMI payment. You maybe required to put 5% down or 10% down in a declining market. Your credit score/down payment will determine your rate. FHA has same guidelines as VA, but only has a 1.5% funding fee. You will be paying a 0.5% monthly mortgage insurance premium for at least 5yrs. Rates are usually better than a VA loan.
VA compensation payments for service connected disability is NOT reported as taxable income on your income tax return.
$1,000,000
A lot
41.5 cents per mile less any deductible they may charge you.
Yes, Virginia does tax retirement income, including pensions. However, there are certain deductions and exemptions available for retirees in Virginia, so it's essential to review the specific circumstances with a tax professional to determine the tax implications.
What is tax
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
I buy them for $5 even after tax at CVS.
The IRS itself has no interest in your tax refund, and they could frankly care less. However, the VA can have a judgment placed on you and seize your tax return for back payments, and the IRS will give it to them. They have to... it's the law.