Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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It's totally worth the effort if you're itemized deductions is close to the std deduction.
Let's say your mortgage interest and prop tax is $10k and the standard deduction for your family is $10k....
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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agreed - I often run my taxes through 2 or 3 of the major tax softwares annually. If they agreed (within reason), I feel more confident about filing. They will also automatically decide if standard...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Not a stupid question. Our tax code is very complex :)
You should also be able to deduct property taxes, certain closing costs (or atleast the amortization of them), state taxes, and part of your...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Grab a basic copy of TurboTax & start entering your numbers. Even if you don't file with TT, it's a very useful tool to have it step you through the itemized deduction sections.
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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The point is that you can alternate years. Every other year take the standard deduction, and in the years you don't, you can stack up extra payments to get a higher itemized deduction.
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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If this works for the op, advancing a month or whatever it takes is solved by his being six months into it. Although it might affect the last year, but with refinancing likely that's a hard one to...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Ding ding ding! Someone got what I was saying :D
Again, something like this only really works if you're close to the limit, unless you're willing I suppose to prepay a years mortgage all within...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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If we did that then congress would be out of a job. Their goal is to raise taxes without looking like they are raising taxes :)
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Yes you can deduct State Tax + Property Tax + Interest. Just read the schedule A form and it's instructions: www.irs.gov/pub/irs-pdf/f1040sa.pdf
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Thanks for the link, so i will be elgible for itemized deduction as i can add my state income tax to it
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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How can you deduct state tax? Don't you need to complete your federal return to have all the info needed to fill out your state return? Or do you just add up all state taxes paid on your W2 and use...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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What's paid on your W2. If you get a refund of state tax...that will be reported on your 1040 next year as income :) Line 10
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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BUT you still wind up with alternate years having less. In other words, I don't really think you net much after all the effort.
and thus begins the recursive nature of taxation.
can we...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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No, because I am a future CPA (tax) and I would like to keep my job. :lol:
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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I recently bought a home in June so there are 6 months for my interest/taxes to be calculated under itemized deduction.
I pay interest in amount of $9700 dollars in interest/taxes this year which is...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Yeah don't forget vehicle taxes, and PMI if you pay it. Also homebuyer credit or credits for installing energy saver upgrades, or for continuing ed or non-reimbursed job expenses if you qualify.
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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Thank You all for your responses, this information is very useful for many of us. In my case, i have problem only for this year ( as my interest +property taxes are definetly higher than standard for...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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But this only really works for the first year - subsequent years you will only be "stealing" payments from the next year, then the following year you will need to "steal" payments from the next year....
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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This will answer all your questions: http://www.irs.gov/taxtopics/tc500.html
There are five types of deductible nonbusiness taxes:
* State, local and foreign income taxes
* State,...
Question on Itemized Deduction
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Thread created 09-16-2011 by dealofsd
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correct..you pick either state income tax or sales tax, whichever is greater.
