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There are many categories that fall under qualified tax deductions. Child care expenses, mortgage interest, IRA deductions, and alimony are all legal deductions.
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∙ 10y ago
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Can I deduct the price of my property rental from my taxes?
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.
Why is it important to keep records and recipts for expenses you plan to deduct on your taxes?
Since taxes are a very complicated thing, one must keep all records and receipts if they plan to deduct them on their taxes. These are kept as a record so that if a person is audited, then the person has proof of what they are trying to deduct.
Can you deduct a refrigerator on taxes?
If you use it for your business or if you are a landlord and put it into one of your rental apartments. You may have to depreciate it.
Can you deduct real estate taxes paid on behalf of another person if you do not own the property in question?
No. You can't deduct RE tax, or any payment really, for something you were not obligated to. However, it does sound like the one who you paid the tax for has income in the amount you provided for them.
Which one of these items is NOT one of the three report types in GCSS?
hierarchy
Can a cosigner who resides in the home deduct on his income tax the property taxes on the home and the mortgage interest that he pays on the loan for that home?
Some basic facts: 1) You cannot deduct any property taxes or mortgage interest unless YOU paid it. If a co-owner or cosigner (or even a complete stranger) paid the taxes or interest you cannot deduct them even though you might be an owner of the house. 2) There are severe restrictions on an individual's ability to deduct any type of interest payments. As a general rule, an individual may not deduct any interest payments. One exception to this rule is a limited deduction for interest on a qualified residence. The person deducting the interest must be the legal or beneficial owner of the property in order to qualify under this exception. Unless there are other facts not present in the question, the co-signer would likely not be a legal of beneficial owner. 3) To deduct real estate taxes, the taxes must be imposed on the person taking the deduction. Real estate taxes would be imposed on the owner of the property. The Tax Court has allowed beneficial owners to also claim the deduction (See Trans v Commissioner and Uslu v Commissioner). The co-signer would not be a legal owner and the status of "beneficial owner" is a very difficult one to establish (and we have no evidence the co-signer would qualify as a beneficial owner). Hence the co-signer cannot deduct the real estate taxes. Conclusion: Neither the borrower nor the co-signer can claim a deduction.
Do you pay taxes on insurance proceeds for a totaled business vehicle?
No, (or a personal one)...but you can't also deduct the casualty loss - up to the amount of the payment...so if they paid you "in full"....thats it.
1. Which one of these items is NOT one of the three report types in GCSS-Army?
hierarchy
Can car loan interest be claimed when filing personal taxes?
No, car loan interest cannot be claimed when filing personal income taxes. One can, however, deduct some costs of upkeep (or mileage) if the individual can demonstrate that the car was used for business and that they were not reimbursed for such usage.
What types of products can one buy during Woolworth's Specials?
Types of products that can be bought during Woolworth's Specials changes weekly when the new flyer comes out. Items can be food, beauty items, baby items, home items and pet care.
Where can one acquire promotional items for their business?
One can acquire promotional items for their business in a few places. One retailer is called "PromoSlogos" they specialize in selling promotional items for all types of businesses.
What do you deduct in Nebraska the motor vehicle tax or the registration fee?
In Nebraska, one would deduct the vehicle registration fees. You will deduct the fees based on the value of the vehicle.
