Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010.
Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable income for them.
It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts.
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I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Of course not. Garnishment's are payments for something that was not deductible in the first place. Why would the fact that they have to forcefully take it from you make it tax deductible.
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Yes. If you did you would be considered a volunteer. Paying the taxes wouldn't give you any ownership rights. You might try to arrange to deduct the tax payments from your rent.
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
This is not declared income and you will not have to pay income taxes on it. Same thing for child support. However, Alimony payments have to be delclared and will be taxed.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
There are many categories that fall under qualified tax deductions. Child care expenses, mortgage interest, IRA deductions, and alimony are all legal deductions.
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Of course not. Garnishment's are payments for something that was not deductible in the first place. Why would the fact that they have to forcefully take it from you make it tax deductible.
You will have to file taxes to report the alimony. If you receive a form reporting the disability you will need to file this as well.
A individual taxpayer cannot deduct payroll taxes on the individual taxpayers income tax return.
No.