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Is funeral expenses tax deductible?
NO. Funeral expenses are NOT deductible on the individual 1040 income tax return.
Are loan break costs deductible?
Generally, no, not for individuals. The costs to break a loan contract are not typically deductible for an individual, but MAY be deductible for a company or a trust holding the loan.
Does a deductible have to be paid each time you file a claim under homeowners insurance?
The deductible applies to every individual claim.
Are Association Fees Tax Deductible?
Homeowner association fees are NOT deductible on the individual taxpayers 1040 income tax return.
Are funeral expenses deductible?
funeral expenses are not deductible on an individuals tax return as they are not medical expenses. However, if and individual has an estate, then the costs are deductible on their estate tax return (form 1041).
What is the difference between Individual and family deductibles?
If an individual uses the entire amount for a family deductible is that okay
Is the cost of medical insurance deductible?
Yes. Health insurance premiums are tax deductible to an individual under IRC Section 213(d).
High deductible health plans?
A high-deductible health plan contains certain minimum dollar limits on the annual deductible and maximum limits on the out-of-pocket expenses listed under the plan. An individual health care plan would be considered high-deductible if it has an annual deductible of at least $1,200. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,400. Out-of-pocket expenses for 2011 may not exceed $5,950 for individual coverage and $11,900 for family coverage. Out of pocket expenses include deductibles, co-payments, etc. www.bankofkc.com /personal/hsa-faq.aspx
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
Is gasoline tax deductible on a 2007 individual federal tax return?
No, typically property taxes, real or personal, and taxes paid to states/localities are deductible as a Schedule A Itemized Deduction.
What is the accounting treatment for key man insurance?
premiums are non income to the individual and non deductible to the business
What is the average deductible for health insurance in Florida?
The average deductible for health insurance in Florida depends on many factors. This includes how healthy the individual is and who their insurance is from. The rates can be under $100 to up to $500.
