0
A return is what you file. A refund is what you may get if your return indicates you owed less than you paid in (through withholding or required estimated payments made during the year). Someone who owns a home, and has a mortgage or loan they are paying on it, are allowed to deduct the interest paid from taxable income. So, yes there are tax benefits to the loan on a residence.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can my daughter file her income tax even though i am claiming her and her son?
Yes she can but she cannot claim herself or her child as an exemption on her own return. If she does this incorrectly you will both receive a letter from the IRS and you may have to correct your tax return and pay back money you received. I recommend that you take her return to your tax prepared to make sure it is done right.
How much on average does 1040 tax preparation cost at HR Block?
It depends on where you live, what type of forms are used, how many different states you need to file, whether you own rental property, sold stocks, own a house, are part of a partnership, etc.... For a 1040EZ and simple state return you can expect to pay anywhere from $70 to $100 unless you are a dependent of someone who is also filing and you will get a discount on that fee. The more specific you are about what forms you need to file the more accurate an estimate you can receive. After having your taxes filled out and you feel the fee is too high you are not obligated to pay and take the return. All that is lost is about an hour of your time.
Does a qualifying child file their own tax return?
Not if they are qualified to be a dependent...
Can you claim your mother on my income tax?
No. My mother would not let me let you claim her on your income tax return. Even if I could claim my mother on my return I would not let you claim her on your return. My mother will be claiming herself on her own return. Nice try though. If you are interested in possibly claiming your own mother on your own return, I would recommend reading the Form 1040 instructions for line 6c, step 4. In a nutshell, if your mother lived with you all year, had minimal income, and you provided over half her support, you may be eligible to claim your mother on your return.
What if your son is 17 and working can you still claim him and his income on your 2009 income tax?
Yes as long he and you meet the qualifications for you claim him as your qualifying child dependent on your income tax return. He would have to file his own income tax return reporting his own income and he would not be able to claim himself for exemption amount on his own income tax return.
What is mean by ironical?
When you are a firefighter and you return home from a fighting a fire and you find your own home has burned down.
What planning permission do you need to build your own home?
There are many types of planning permission one must get to build their own home. To build their own home, one must receive permission from the chief planning officer.
What percentage of parents that homeschool eventually return their children to traditional schools?
On the average 45% of home schooled children return their own children to triditional schools.
Does the Ty Pennington Home Edition Organizational products give the buyer a warranty or return policy?
The return policy for the Ty Pennington Home Edition Organizational products can vary depending on the retailer you purchase them through. Each retailer has its' own return policy.
How can a parent in New York force a 19 year old son return home?
The parents cannot force a 19 year old to return home. Once they are an adult, they are on their own. There is no legal right to control them.
How long after buying car do you have to return?
It is nothing more than a myth that you can return any vehicle after you buy it. You cannot return it at all. Once you buy a car you own it and you are stuck with it.
Is it a crime to use someone else's return address in place of my own?
I ask my sister could i receive some important mail in her address when i was having problem with my mail getting deliver at that time is that a crime. also is this a crime when i receive the mail i put my address on it
Where can home care take place?
Patients can receive home care services whether they live in their own homes, with or without family members, or in an assisted living facility.
Where can I find a school to receive certification in home inspection?
Get the training you need to get your own Texas Home Inspector License. ... school we know of that offers this Experience Training Module through Home Study.
How do remortgages benefit the home owner?
When you remortgage your home you are able to release extra capital from your property, which is your to spend on what you wish so in this way you will benefit. However, your mortgage payments will go u so this will cost you more each month and you own less of your home so when you come to sell it you will receive less money for it as more must be paid back to the bank.
What to do after you get the villa?
After you receive your own home in the resort area, focus on completing your pokedex and beating your rival's high score at pal park.
If you own a business, you Lucy file a tax return if you make _______or more in one year?
$400
