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Yes, VA funding fees are generally considered tax-exempt. They are not classified as taxable income and do not need to be reported on your federal tax return. However, it's important to consult with a tax professional or the IRS for specific guidance related to your situation.
What else can I help you with?
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
Is the VA funding fee tax deductible?
See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps! "Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee."
Do i as a disabled veteran pay income tax on the disability payments?
If your disability payments are through the VA then they are tax free and are not considered taxable income.
How do you do a tax return for a merchant marine?
I have a merchant marine who has his permanent residence in puerto Rico and live in va for one month. What tax returns do I file?
What is the mailing address for VA federal tax returns expecting a refund?
For VA federal tax returns expecting a refund, the mailing address is: Department of the Treasury Internal Revenue Service P.O. Box 37008 Hartford, CT 06176-0008 Make sure to check the IRS website or your tax forms for any updates or changes to this address.
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
Why are you not exempt from va funding fee?
You may not be exempt from the VA funding fee if you do not meet specific eligibility criteria set by the Department of Veterans Affairs. Exemptions typically apply to veterans with service-related disabilities, surviving spouses of veterans who died in service or from service-related conditions, or those receiving VA compensation for a disability. If you fall into none of these categories, the funding fee will be applicable to your VA loan. Always consult with the VA or a qualified mortgage professional for your specific situation.
Is the VA Funding Fee considered Mortgage Insurance for tax purposes?
no,
What are the policies regarding the exemption of all scouts from the CAT?
I believe it involves a constitutional amendment (I think to the West Va constitution - not the US) granting the BSA tax exempt status. The issue is that the BSA is opening a new high adventure base in West Virginia. They are currently tax exempt but the BSA may engage in some activities there that may cause their tax exempt status to be questioned. This legislation is an effort to allow the BSA to fully operate the Summit Beschel Scout Reserve as they would like without jeopardizing their tax exemption.
Is the VA funding fee tax deductible?
See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps! "Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee."
What percentage of disability is needed to waive a VA funding fee on home loans?
To waive the VA funding fee on home loans, a VA loan borrower must be receiving compensation for a service-connected disability rated at 10% or higher. This means at least a 10% disability rating is needed to qualify for a waiver of the VA funding fee.
If ss disability payments are exempt from a bankruptcy why would your disposable income change if the only added income was from the ss?
Is VA Disability income exempt from bankruptcy income claim?
Do you have to show va payment on tax forms?
VA compensation payments for service connected disability is NOT reported as taxable income on your income tax return.
What is the deadline for filing VA 760ES for the tax year 2015?
The deadline for filing VA 760ES for the tax year 2015 is January 15, 2016.
What is sales tax on vitamins in VA?
In Virginia, sales tax applies to most tangible personal property, including vitamins and dietary supplements. As of my last update, the state sales tax rate is 6%, with an additional 1% local tax in certain areas, making it 7% in those localities. However, some specific items, like prescription vitamins, may be exempt from sales tax. Always check the latest regulations or consult a tax professional for the most current information.
What s the property tax for Alexandria va?
A lot
Can a bank garnishs a VA disability check for a default debt to the bank?
No - not social security and not disability - they are totally exempt.
