 As a tourist in the US, is it OK to bring in US$20,000? Is there any custom tax for such amount? |
| Do I have to declare it to US Customs at the point of entry? If yes, will I be charged for any custom tax? Or I just simply need to declare that I have such an amount?... |
|
 Child support and Taxes? |
| MY HASBAND PAYS CHILD SUPPORT AND THEY SAY WHEN YOU PAY CHILD SUPPORT IT ALSO COME OUT OF UR TAX RETURNES BUT WE HAD A KID TOGETHER AND I WAS WONDERING IF HE FILED ON OUR CHILD WOULD THE MONEY WE GET ... |
|
 I recently got a job that pays cash and doesn't take out tax. What is the "catch" in the job. See details |
| I got a job as a private caregiver and it pays cash without tax. What does it imply?? I'm new in the country. 18yrs old and this is my second paying job. The first one took tax for 2 months. I ... |
|
 Why don't I have my direct deposit tax rebate? |
According to this msn link: http://articles.moneycen
All direct deposits should have been out by Friday. Mine is still not ... |
|
 Who do i contact about my tax refund? |
| i had my taxes amended in May and am expecting a pretty big return. amended returns are suppose to take 8-12 weeks, and it's going on week 11. how would i find out where my return is, it seems ... |
|
 What benefit is it to claim a dependent if you don't get anything? |
| i don't understand. Mom and dad has a child. Mom and dad have court order saying everyother year each one claims child. Regardless of whom the child lives with. Why does one parent not get the ... |
|
 Can He claim my son on his tax return without asking me when i already claimed them both..? |
| My EX just text me yesterday and told me that he claimed our 2 year old son on his tax return.. HE never asked me if it would be ok.. i filed my taxes the day before i recieved his text and I had ... |
|
 Can I deduct my laptop? |
| I work from home as a medical transcriptionist. I bought my laptop to finish my online schooling, and for work. I got it in June 2006, and started working in November. I have the reciept. The ... |
|
 What would be the best way for my husband and I to file our taxes? |
| He's been working, but I quit working in March while I was pregnant and have stayed home with the baby. We have one baby. Should we file seperate or married? Can he claim the baby, me and ... |
|
 How can I figure out if H&R Block messed up on my taxes? |
| I have barely any of my tax forms.. is there anyway I can get copys from them? I had a couple jobs, and I qualified for EITC, but I owe this year and I was seeing if that was done wrong.... |
|
 Het all, I received a letter for a Tax refund from https://www.jicscorp.net/ is this a scam? |
Hey all,
Can you please help me, I receive a letter claiming that I have a goverment check for 2k dollars, and that they will process the necessary paper work for a fee of $135.00
<... |
|
 Can I work under 16 hours a week and still claim Child Tax Credit not Working Tax Credit? |
| I am a university student with two children. I'm on my summer break and wanted to look for work. I claim child tax credit and wanted to know if I could work under 16 hours without my claim being ... |
|
 How long should it take the Inland Revenue to get back to you about a tax claim? |
| My fella paid too much tax last year, they told me so on the phone when I told 'em the code on his P60 so I sent it off to the relevant office as they asked with all his details and why we were ... |
|
 H & R Block question? |
| How does it work when you borrow against your tax return? And what is it called through H & R Block?... |
|
 I take care of a disabled 26 year old he lives with me can i be able to claim him on my taxes? |
| He receives a monthly check of $636, That is used to half of the rent, but I am the one that pays the other half plus i buy the groceries i provide the transportation to the doctor, school anything ... |
|
|  |
groovychica1999 | Do you receive all the interest paid on a home loan back when you file your income taxes? |
It's my first year owning a home, and I have heard different things.
Thanks! |
 |
 
Techie
 |
Interest paid on a home loan is fully tax-deductible. This means that in most cases, you can reduce your taxable income by this interest amount.
A reduction in taxable income, means a reduction in total tax that you have to pay. A reduction in total tax usually translates into a bigger refund.
That is the answer in a nutshell.
If you make over $100k there is a chance only a percentage of your interest will be deductible.
And if you are in the circumstance where your total tax is at or near zero, the interest will make little or no difference at all in how much you get back.
The IRS uses a term called "refundable credit". If interest paid on a home loan was considered a "refundable credit", you would get it all back "dollar for dollar". However it is not a "refundable credit", it is only considered "fully tax deductible".
Many tax questions do not have cut and dry answers. I apologize if I gave you too much information. |
|
wrkey
|
Not realy. As you know from previous years... you calculate your gross income and from that you deduct either a set amount (based on your filing status) called the standard deduction or you can itemize. When you itemize you add up all the things you can deduct including your mortgage interest, points, real estate taxes, auto taxes, medical bills, charitable donations, etc. It is only worth it to itemize if your itemized deductions are more than the standard deduction. Depending upon when you purchased your home and the amount of interest paid and the taxes, you may find that the standard deduction is more.
Now.. in either case (Standard or Itemized) these deductions are removed from your gross income and produces your Taxable income. So... you are not 'getting the interest back' but instead you are not paying taxes on the interest. Thus it reduces the amount of taxes owed but in porportion to your current tax rate.
Example, if you were to itemize and your interest payment were $1,000 and your tax rate is 26%, then you would save $260 in taxes. But.. that's only if your other itemized deductions add up to more than the standard deduction. (It usually does.)
I suggest you get some assistance for your first year from someone who can teach you what to do in future years. You might even consider purchasing a tax program (TurboTax, HR Block Tax, etc) as most of these will do the itemized/standard comparison for you.
Good luck and I hope this helps! |
|
domers13
|
Home mortgage interest is included in "itemized deductions". If your total itemized deductions (mtg interest, chariies, health costs above certain levels) are above the "standard deduction" for your filing status, you would use that larger amount to arrive at your taxable income. Unfortunately, it is not a dollar for dollar credit, so you will not back "all the interest you paid". Sure would be nice though. |
|
psem
 |
Interest income is tax deductable. A tax deduction or a tax-deductible expense represents an expense incurred by a taxpayer that is subtracted from gross income and results in a lower overall taxable income. So, in English, this means you will not get everything back, but you won't be paying as much as you would otherwise. Almost all interest related to personal income is not tax deductable, the exception being the interest on your mortgage, which makes owning a home so desirable. |
|
STEVEN F
|
You can claim the full amount as an itemized deduction. Unless your tax rate is 100%, you will not reduce your taxes by the full amount of the deduction. In addition, itemized deductions only provide a benefit to the extent they exceed your itemized deduction. |
|
theslayor
|
No. You paid interest to the bank. They'll keep it. After the end of the year, they'll send you a Form 1099-INT that reports how much interest you paid. You can claim the interest as a deduction on your tax return (Sched A), so it reduces the amount of taxes you might owe on your income tax return.
Congratulations. |
|
QuickQuestion
|
You get a deduction for the amount you've paid in interest. You don't get it back in its entirety. The simplest way to think about it is that you get back a percentage of income tax proportional to the percentage of interest to total income. |
|
Half-Pint
 |
No, you do not received the interest back that you paid. You can write off all the interest paid on your taxes. This and other items such any home improvements and additions can add to you receiving a refund. Its best to check with a Tax person for all the writeoff you may be entitled too. Good luck! |
|
lil_wags26
|
Probably not the first year. The only way you can deduct your mortgage interest is on a Schedule A. You need to have enough to itemize(which means more than your standard deduction) <single 5,000> for 2006 <10,000 for married filing joint>So in the future if you plan to use this keep good track of any tax you pay school, prop, local, last years tax prep fee, gifts to charities, ect. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 4 minutes(s) ago
| | | |
9 | 7 minutes(s) ago
| | | |
9 | 34 minutes(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
9 | 5 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 6 day(s) ago
| | | |
9 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
