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What else can I help you with?
Can I claim rent as a tax deduction on my income tax return?
Yes, you generally cannot claim rent as a tax deduction on your income tax return.
Can you claim exemptions in 2018 for tax purposes?
Yes, you can claim exemptions for tax purposes in 2018, but the rules for exemptions have changed due to recent tax reforms. It's important to review the current tax laws and guidelines to determine if you are eligible to claim exemptions on your tax return.
How much do you get back for buying a house?
The amount you get back for buying a house depends on factors like the down payment, closing costs, and any potential tax benefits. Generally, you can expect to build equity in the house over time, which can be a valuable asset.
What is the process for non-filers to claim the child tax credit?
Non-filers can claim the child tax credit by using the IRS Non-Filer tool to provide their information and claim the credit.
How can I claim tax back while working from home?
To claim tax back while working from home, you can typically deduct expenses related to your home office, such as utilities, internet, and office supplies, on your tax return. Keep detailed records of these expenses and consult with a tax professional for guidance on how to claim them properly.
Can you claim real estate closing costs on your taxes?
Consult the Federal tax instructions. There are a number of items in the closing costs that can be deducted.
Can you claim stamp duty for tax?
You can claim stamp duty for tax because when purchasing property, stamp duty is only included in its cost base.
Can you claim house down payment on tax?
Absolutely not. You simply took money from the bank and put it in "another" savings place. Basically, only the interest on your mortgage will be a deduction (closing costs and such aren't either, and improvements or repair to your house aren't either again).
When two people buy a house do both of them get tax benefits?
Whomever claims the other spouse would claim the house.
Can you claim HRA if you get rent reimbursement from company?
No you cannot. You need to be paying your house rent from your pocket if you want to claim HRA tax benefits
Should you wait to close on your house before you file your 2009 tax return or can you amend the 2009 return after closing to get the first time homebuyer credit?
As long as you enter into a contract to buy your home on or before April 30, 2010, and then close the sale by June 30, 2010, you may claim the Homebuyer Tax Credit on either your 2010 tax return or an amended 2009 tax return.
Can I claim improvements to my house onmy federal tax?
Renovations, repairs and/or improvements made to one's home are not tax deductible and neither are your power bill, phone bill, house payment, etc.
Do income tax have to be paid to buy a house?
No but if you owe income tax and the income tax people claim that you owe them money they are in a position to sell the house you bought from under you to pay for the income tax you did not pay. other then that there are any number of charges levies and taxes associated with the purchase of a house. House buying is a real cash-cow for the government and the legal professionals.
How do you claim rebate on house insulation?
It`s not a rebate, it is a tax credit. So you have to wait until you file your taxes.
Can I claim rent as a tax deduction on my income tax return?
Yes, you generally cannot claim rent as a tax deduction on your income tax return.
Can you claim health insurance as a tax deduction if on cafeteria plan?
No, you cannot claim a tax deduction for health insurance if you are paying for the plan through an employer's "cafeteria plan". The cafeteria plan is taking the money from your paycheck before any taxes are applied, so you are already getting the cost paid with tax-free dollars. You cannot claim it twice.
What is after-tax cost?
After tax cost is that cost amount from which tax is already dudected.
