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You add the closing costs to your basis.
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∙ 15y ago
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Can you claim a tax loss from your IRA?
No. Gains and losses taken in your IRA is outside of your tax situation.
What does line 369 of the first time home buyer's tax credit stipulate is the maximum amount one can claim?
Line 369 of the Home Buyerå«s Tax Credit stiputlates that first time home buyers can claim a maximum credit amount of $750. Only one partner can claim $750 on his/her tax return.
Cost of equity 16 before tax cost of debt 13 marginal tax rate 40 stock sells at book value what is the after tax weighted average cost of capital?
I have just started taking finance class in college. I found the formula to this equation on wikipedia. Did i win anything? After tax cost of debt formula before tax rate x (1 - marginal tax) Therefore: 13% x (1 - 40%) = .078 > 7.8%
What is after tax wacc?
WACC stands for weighted average cost of capital. So after tax means cost of capital after taxes are taken into account.
Will you be paying 3.8 percent tax if you sell your house after 2013?
in the obama health care plan what is the tax if you sell your house in 2013 and what income restrictions and price of house are part of this determination?
Can you claim real estate closing costs on your taxes?
Consult the Federal tax instructions. There are a number of items in the closing costs that can be deducted.
Can you claim stamp duty for tax?
You can claim stamp duty for tax because when purchasing property, stamp duty is only included in its cost base.
Can you claim house down payment on tax?
Absolutely not. You simply took money from the bank and put it in "another" savings place. Basically, only the interest on your mortgage will be a deduction (closing costs and such aren't either, and improvements or repair to your house aren't either again).
When two people buy a house do both of them get tax benefits?
Whomever claims the other spouse would claim the house.
Should you wait to close on your house before you file your 2009 tax return or can you amend the 2009 return after closing to get the first time homebuyer credit?
As long as you enter into a contract to buy your home on or before April 30, 2010, and then close the sale by June 30, 2010, you may claim the Homebuyer Tax Credit on either your 2010 tax return or an amended 2009 tax return.
Can you claim HRA if you get rent reimbursement from company?
No you cannot. You need to be paying your house rent from your pocket if you want to claim HRA tax benefits
Can I claim improvements to my house onmy federal tax?
Renovations, repairs and/or improvements made to one's home are not tax deductible and neither are your power bill, phone bill, house payment, etc.
Do income tax have to be paid to buy a house?
No but if you owe income tax and the income tax people claim that you owe them money they are in a position to sell the house you bought from under you to pay for the income tax you did not pay. other then that there are any number of charges levies and taxes associated with the purchase of a house. House buying is a real cash-cow for the government and the legal professionals.
How do you claim rebate on house insulation?
It`s not a rebate, it is a tax credit. So you have to wait until you file your taxes.
Can you claim health insurance as a tax deduction if on cafeteria plan?
No, you cannot claim a tax deduction for health insurance if you are paying for the plan through an employer's "cafeteria plan". The cafeteria plan is taking the money from your paycheck before any taxes are applied, so you are already getting the cost paid with tax-free dollars. You cannot claim it twice.
What is after-tax cost?
After tax cost is that cost amount from which tax is already dudected.
Can you claim compensation for been imprisoned for community tax?
can you claim compensation for been imprisoned for not paying community tax
