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Can you deduct a loss of income due to medical on income taxes?
Wiki User
∙ 11y ago
yes
Wiki User
∙ 11y ago
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Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
What is the maximum loss claimable on federal income taxes due to sales of stock at a loss?
You can deduct $3,000 per year. If you have a higher loss amount, you can carryover the remainder for as many years as necessary until it is all used. http://taxresolutionaries.blogspot.com
If your rental property is losing money can you deduct the loss against income?
Yes, rental income should be reported on Schedule E and the net profit or loss is transferred to Form 1040 and can offset income. Be careful of passive loss limitation rules though.
Can a claim of loss of income be made on federal income taxes for starting a small business?
Yes, your schedule C can show a loss.
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
What is the maximum loss claimable on federal income taxes due to sales of stock at a loss?
You can deduct $3,000 per year. If you have a higher loss amount, you can carryover the remainder for as many years as necessary until it is all used. http://taxresolutionaries.blogspot.com
On loss income money do we pay taxes taxes on it?
Generally, if you have NET income after deductions and losses, you pay tax.
Can you deduct the loss to your mutual fund on your income taxes?
Not unless you sold (redeemed) the fund shares. If you are still hanging onto the shares, then there is no loss to report. When you sell the shares, you report the sale on Schedule D. It is too late to report a 2008 loss unless you sold the shares in 2008.
Amortizing income taxes after tornado property loss?
After we did nothing
If your rental property is losing money can you deduct the loss against income?
Yes, rental income should be reported on Schedule E and the net profit or loss is transferred to Form 1040 and can offset income. Be careful of passive loss limitation rules though.
Can a claim of loss of income be made on federal income taxes for starting a small business?
Yes, your schedule C can show a loss.
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Are taxes paid on money awarded from loss of job because of an age discrimination lawsuit?
Yes they are. The portion of the settlement that is attributed to lost wages is also subject to Social Security and Medicare taxes. The good news is that you may be able to deduct the lawyers' fees without itemizing (as an adjustment to income).
How are repairs and insurance settlements handed when filing taxes for a rental property that was damaged in a tornado?
If you deduct the cost of he repairs/loss...then the insurance settlment is taxable income (essentially replacing the amount of the deduction/loss you took and really didn't have because you were reimbursed for it). Or if you don't expense the repairs, the recovery isn't taxable.
What are tax write offs?
"Write offs" are slang for items that you deduct from your tax income or obligations. For example, if you have investment income of $100 but have a loss of $10 you can "net" the loss against the income. Or, as another example, if you pay fees of $12 for your IRA account, that fee is allowed to be "written off" the income.
