Archive for the ‘United States’ Category
June 28th, 2011 | 
Author: 
Cj asked:
On schedule A, how much business tax liability is removed per appraised dollar value of real estate donation to a non-profit charity?
Sheryl Syndergaard
On schedule A, how much business tax liability is removed per appraised dollar value of real estate donation to a non-profit charity?
Sheryl Syndergaard
TheEyesThatSeek asked:
Is mortgage interest paid + Points + real estate taxes deductible only for federal or for both fed & state.
Is mortgage interest paid + Points + real estate taxes deductible only for federal or for both fed & state.
Thanks
Lucretia Darrup
Jp asked:
I live in florida and I have no other income as I am a student
Galen Aslanian
I live in florida and I have no other income as I am a student
Galen Aslanian
debmcq asked:
When itemizing deductions on Schedule A, Form 1040, can I claim interest paid on past-due real estate taxes which I paid during the current tax year? For example, my r.e. taxes for 2007 were $1330 and in 2008 I paid $1782 which included $452 interest. Can I claim the whole amount or just the $1330?
Alvin Delaluz
When itemizing deductions on Schedule A, Form 1040, can I claim interest paid on past-due real estate taxes which I paid during the current tax year? For example, my r.e. taxes for 2007 were $1330 and in 2008 I paid $1782 which included $452 interest. Can I claim the whole amount or just the $1330?
Alvin Delaluz
Posted in United States | 
Tags: Income Taxes, Itemizing Deductions, Real Estate Taxes | 
2 Comments »
St@tb0y asked:
I am going to buy the home of my deceased grandmother that is currently owned by her estate. I am not a beneficiary of the estate, but the executors are my mother and aunt. I have read that you are not eligible for the $8000 tax credit if you buy a home from a close relative, but don’t know if my situation qualifies. Have any of you tax/real estate gurus out there come across this situation? I do plan on contacting the IRS to get their opinion beforehand but wanted to see if anyone had any real life experience with this. Thanks.
The state is NY.
Jackson Diza
I am going to buy the home of my deceased grandmother that is currently owned by her estate. I am not a beneficiary of the estate, but the executors are my mother and aunt. I have read that you are not eligible for the $8000 tax credit if you buy a home from a close relative, but don’t know if my situation qualifies. Have any of you tax/real estate gurus out there come across this situation? I do plan on contacting the IRS to get their opinion beforehand but wanted to see if anyone had any real life experience with this. Thanks.
The state is NY.
Jackson Diza
mark harris asked:
am to being affected by it. i earned 120k this year, my wife 50k for a total of 170k. we paid 7,500 in real estate taxes and have 2 kids.
also, i live in new jersey and work in new york city
Johnny Bonvillain
am to being affected by it. i earned 120k this year, my wife 50k for a total of 170k. we paid 7,500 in real estate taxes and have 2 kids.
also, i live in new jersey and work in new york city
Johnny Bonvillain
toneloc asked:
as long as your a first time home buyer for this year?
Rashad Mcgillivray
as long as your a first time home buyer for this year?
Rashad Mcgillivray
maxcat2005 asked:
I am a beneficiary on a estate will in 2009 a tax return was submitted to the IRS and the state. So far this year the will has not been distributed to the heirs. If the estate does not get settled by the end of the year do the taxes have to be resubmitted again in 2010? It took about six months for the IRS to work on them this year. I sure would not want to wait another year to get the estate settled and distributed.
Anette Fostervold
I am a beneficiary on a estate will in 2009 a tax return was submitted to the IRS and the state. So far this year the will has not been distributed to the heirs. If the estate does not get settled by the end of the year do the taxes have to be resubmitted again in 2010? It took about six months for the IRS to work on them this year. I sure would not want to wait another year to get the estate settled and distributed.
Anette Fostervold
Patrick asked:
I have an estate tax debt from my grandmother’s estate. I can’t pay this tax debt, I have other debts I am delinquent on also. What can I do to get this estate tax debt to go away?
Brooks Tamondong
I have an estate tax debt from my grandmother’s estate. I can’t pay this tax debt, I have other debts I am delinquent on also. What can I do to get this estate tax debt to go away?
Brooks Tamondong
Marty B asked:
Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.
Lashawna Vince
Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.
Lashawna Vince