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Paid cash for your home 119271.71 where does this amount go on your taxes for 2007?
Wiki User
∙ 15y ago
Purchasing a house is not tax-deductible.
You can deduct mortgage interest (which you do not have) and property taxes. If you received a property tax credit from the seller, which appears on the settlement sheet from your closing, you must net that against any taxes you paid during 2007. If there was any credit for taxes due in 2008, net that portion of the credit against property taxes you pay in 2008 to figure your deductible portion.
Wiki User
∙ 15y ago
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What is a set amount on which no taxes are paid?
3700$
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
Anne paid 10.49 for earrings this amount includes a tax of 7 what is the cost before taxes?
If Anne paid 10.49 with taxes should would of paid only 9 dollars without taxes. You will have to do a little math to find the answer.
What does net of taxes mean?
It simply means what's left after tax is deducted from an amount. Net of tax = Gross Amount - Tax
Can you claim the amount paid to state for taxes on your 1040?
sure but it might be very hard
How to obtain dollar amount of property taxes for commercial property for the year 2007?
You will need to visit your local county courthouse to get the property taxes paid for commercial property from the year 2007.
What is a set amount on which no taxes are paid?
3700$
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
What is delinquent taxes?
means still the amount should be paid
Can state and local taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
Yes, provided you are itemizing deductions (schedule A).
How does the U.S. government get most of its money?
Through taxation. We pay taxes on income, things we buy and a certain amount included in the price of gasoline is also a tax.
What does net of mean?
Net of taxes refers the amount after taxes are deducted. To figure these out, take the total cash from a sale or gross profit and subtract the amount of taxes that were paid from it.
Which of these forms lists the amount of Social security taxes that were paid during the year?
A W-2 form lists the amount of Social Security taxes that were paid during the year.
If I paid taxes and didn't get a refund will I get a stimulus check?
As far as I can tell, the stimulus check is more about the taxes you paid. The amount you would get is calculated on the amount of income and taxes you paid.
What taxes must be paid if you surrender your life insurance policy?
The short answer is, unless the amount of cash value in the contract exceeds the amount of premiums paid into the contract, no taxes will be due.If the policy is a "MEC", then taxes will be due."MEC's" occur when a policy is paid for with a one time, lump sum premium.
Anne paid 10.49 for earrings this amount includes a tax of 7 what is the cost before taxes?
If Anne paid 10.49 with taxes should would of paid only 9 dollars without taxes. You will have to do a little math to find the answer.
Can property taxes paid 2007 for 2006 be deducted for 2006 taxes?
No. In the U.S., individual taxpayers are generally considered "cash basis" -- that is, we claim income the year in which we receive it, and expenses the year in which we pay them. So, property taxes paid during 2007 for any year are deductible only on a 2007 income tax return.
