Today TaxMama hears from Ali in Northridge, CA, who has a seemingly easy question. “If I bought a house for $800,000.00 with a 30 year mortgage, can I deduct the mortgage interest?https://www.sinverrugasylunares.com/wp-content/languages/new/vardenafil.html What is the maximum amount that can be deducted?buy clomiphene online www.mabvi.org/wp-content/languages/new/usa/clomiphene.html no prescription Also can I deduct property tax, home insurance and […]
Tag Archives: Itemized deduction
Today TaxMama hears from Stuart in Florida, with a quick question. “I did my research about gambling winnings and losses, Schedule C versus Itemized deductions. Where on the Schedule C would the losing wagers go if I were filing a Schedule C as a professional gambler?”
Today TaxMama hears from Gary in Texas, who wants to know. “Am I allowed to deduct the difference between what my company reimburses me for mileage and what the IRS allows?https://www.cinewebradio.com/wp-content/languages/new/diploma-online.html If so, what form do I use?”
Courtesy of the Internal Revenue Service TT-2008-57 When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. Your donations could add up to a sizeable tax deduction if you itemize on IRS Form 1040, Schedule A. Starting in 2007 to deduct any charitable donation of money, taxpayers must have a […]
Today TaxMama hears from Dorothy in Texas who says, “My husband is employed by the railroad and we live in a fifth wheeler.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/azithromycin.html Our original home state was New Mexico. We now travel to railroad sites in Texas for employment.buy uk singulair online www.mabvi.org/wp-content/languages/new/uk/singulair.html no prescription We rarely go to NM. Our home is rented. […]
Courtesy of the Internal Revenue Service TT-2008-27 Taxpayers should be aware of important changes to the tax law before they complete their 2007 federal income tax forms. Here are some changes that may affect your return. AMT Exemption Increased for One Year. For tax-year 2007, Congress raised the alternative minimum tax exemption to $66,250 for […]
Today TaxMama hears from Steve in Alaska who sends a very long question. To summarize, he says: “Using TurboTax, my standard deductions are higher than my itemized deductions. Yet, choosing the standard deduction, I OWE the IRS approximately $1,650. But if I itemize deductions, I get a REFUND from the IRS of about $450. Why […]
Courtesy of the Internal Revenue Service TT-2008-05 The three forms used for filing individual federal income tax returns are Form 1040EZ, Form 1040A and Form 1040. If you are filing a federal income tax return on paper, use the simplest form you can. Using the simplest allowable form will reduce the chance of an error […]
Today TaxMama hears from Darl in Texas who asks. “Are there any U.S. tax ramifications on property in Mexico that is owned and sold by a U.S. citizen, and for which the monies would be deposited into a U.S. bank account?”
Today TaxMama hears from Jeff in DC, who tells us: “I teach online for a college. I want to purchase a computer for only this use. Can I deduct the entire price of the PC for 2007, if I purchase before the end of the year? What IRS form do I use?”
FS-2007-26, November 2007 – Courtesy of the Internal Revenue Service While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as: cash earned from side jobs, barter exchanges of goods or services, […]
Today TaxMama hears from Anne in Minnesota, who wants to know, “Can an individual deduct charitable contributions and car donations on tax forms if unable to itemize deductions?” Dear Anne, You are giving away your age. Many, many years ago, in deepest, darkest memory, we used to be able to take charitable contributions deductions without […]