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My son is on the grant deed of my property. How can he write off taxes and interest on this property I do not file taxes, I'm on soc sec income?
Wiki User
∙ 15y ago
Your son also has to be on the mortgage in order to be able to write off taxesv and interest on this property.
Wiki User
∙ 15y ago
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What will happen to your income taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
My son rents apartment in San Pedro. He is on the grant deed of my property. Can he write off my interest and taxes on my property in Fullerton How can he do it?
He can if he is paying them and you have not claimed them already on your taxes.
What is the difference between income taxes and state taxes?
Income taxes are taxes paid based on the amount of your wages and other forms of income, including but not limited to investment income, pensions, interest and dividend income, business income, rental income, etc. Income taxes are assessed by and paid to the federal government and, depending on where you live, also state and local governments. State taxes can come in many forms, including not only income taxes, but also property taxes, sales taxes, use taxes, excise taxes, business taxes, etc.
What is the primary source of income for counties and municipalities in Georgia?
Property taxes
What are deductions allowed when calculating federal income taxes?
The deductions allowed whe calculating federal income taxes are as follow: Mortgage interest, charitable contributions, job expense, miscellanoous expense, medical expense in excess of 7.5 of income, and payment of state and local property taxes.
When are income taxes applied to the interest earned by business-owned annuities?
When are income taxes applied to the interest earned by business owned annuities
When are income taxes applied to the interest earned by business owned annuities?
When are income taxes applied to the interest earned by business owned annuities
What could happen to a cosigner if the income taxes were not done on a property?
Property does not have an income tax return.
What is the formula for calculating interest coverage ratio?
operating income vefore interest and income taxes / annual interest expense
Do you have to pay taxes on earned interest?
Yes, interest income is taxable.
How do you calculate your net income after taxes?
Your income before taxes is your operating income, and your income after taxes is your "net" income. * + Net Sales (Sales - Returns) * - Cost of Goods Sold * ------------------------------------ * = Gross Profit (Gross Margin, Gross Income) * - Operating Expenses * ------------------------------------- * = Operating Income * + Gains (not related to usual operations) * - Losses (not related to usual operations) * ----------------------------------------------------- * = Earnings before Interest and Taxes * - Interest * - Taxes * ------------------------------------------------------ * Net Income
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
