0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not. Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is rent expense deductible with the IRS?
No. Personal expenses are not deductible on your 1040 income tax return.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
What kind of insurance is tax deductible?
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
Are late payment penalties to a homeowners association tax deductible if the regular fees are deducted on Sch E?
No, for several reasons...the only reason the Assoc fees are deductible is because they are actually paid as a tax to a tax authority....the penalty is not. Just about anything that is a penalty of any type is NOT deductible. Getting a benefit from paying a penalty (doing a bad thing) is against public policy.
Can a penalty paid for early withdrawal of funds in an annuity be deducted from Federal Income for tax purposes?
The insurance company surrender charge is not deductible. Nor is the 10% federal penalty.
How do you defeat the silver balloons in bloons tower defeance 3?
you need a bomb tower to blow them up
What is the correct spelling of deductible or deductible?
deductible
Can you claim on income taxes expenses to visit your spouse while in jail?
No. That is a personal expense. Personal expenses are not deductible. And realistically, one should expect no tax benefit extended by society for someone in this situation. (For example, any restitution or penalty he pays is NOT deductible, or dischargeable in bankruptcy, either).
Is a prepayment penalty on a home loan tax deductible?
No the penalty is not deductible on a home loan. Only the interest that is paid. The penalty is considered as a late payment not interest. good luck.The initial answer to this question is incorrect. Prepayment penalties are sometimes deductible if the payment is made out of pocket as opposed to being rolled over into the new loan. It is not ever considered to be a late payment. It is considred interest. Even if the amount is rolled over into a new loan, you may be able to pro rate the deduction over the term of the loan. The bottom line is that depending on your particular circumstances, the prepayment penalty might be deductible.PLEASE consult a tax consultant for the most up to date 2008 tax information. and also PLEASE remember that on the internet, never ever take the advice of one so-called expert. check. check and double check everything.Here is the info directly from the IRS.http://www.irs.gov/publications/p936/ar02.html#d0e770Mortgage prepayment penalty. If you pay off your home mortgage early, you may have to pay a penalty. You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan.
If a loan has a prepayment penalty attached to it would it still be viable to retire it?
You need to compare the cost of the repayment penalty and the benefits of having the loan (such as deductible interest) vs. the benefits of paying off theloan such as increase cash flow. Do that analysis and determine the best use of your money.
Is it deductible or deductible?
It is "deductible," except in Australia, where it's spelled "deductable."
Which type of deductible requires a new deductible for each separate claim?
Straight Deductible
Who will win Texas longhorns or Alabama?
Texas is going to win because they have stronger defeance and usally better defense means a better team so i say Texas.
Do you have to pay the deductible if you hit another car?
If your policy contains a Deductible clause then yes you will have to pay your deductible.
What is the average deductible for antiques insurance?
The average deductible varies depending on your company. However, on average, the deductible is about $1000.
