 Claiming my wife as dependent by me and her mother? |
I got married to my wife on 10/12/2008. She was living with her Mom up to 10/11/2008. Her mom is supporting her. My wife was working and she made 10k in 2008. My question is:
1- I am going ... |
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 Single Tax Status? |
| can my spouse and I file separate tax returns under the single tax status?... |
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 4 X 4 OWNERS ONLY. (NO DO-GOODERS/GREENIES) What do you think of the hike in tax..AGAIN? |
I own a Landrover Discovery, they are NOT bullying ME out of it.
Additional Details
I have four children and they are safe in in, not some crappy ford ka that would crumple like paper in ... |
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 Can I do anything to speed up my tax refund? |
| I did my original return, then my dad said I had to claim myself this year, so I did an ammended return. Also since I am claiming myself, he wouldnt be able to claim my school payments, and that I ... |
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 People who receive big compensation payouts (75,000)...can they still claim incapacity benefit? |
| It's not me who's been paid out but a friend and they say they are still entitled to their incapacity benefit,but i said i don't think you can still claim .do any of you know if if you ... |
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 My mother in law's husband past away and she had an auction and her return was 50,000.00 dollars are taxs due |
| most of the items were farm related it would help her to know if she had to report this as income on her tax return for 2007 we are in the state of texas.... |
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 Is 846/E6100 an emergency tax code? |
I have this on the 2nd payslip since I started my new job... I'm querying this, as my monthly income is short of about £100.
(I have reconfirmed this with an on line salary ... |
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 My Son was born 10/24/07 - Filing HOH - Qualify for EIC? Please Help!? |
| I have found conflicting information regarding this. It seems as though a "qualifying child" (I've read numerous times) has to have lived with you for more than half of the year (6 ... |
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 Is the Inland Revenue your friend or enemy? |
Additional Details
Icarus. I was in the same employment for about 30 years. I have a good pension which of course I pay tax but I do need to keep my stamp going so I go to the dole ... |
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 How many allowances should we claim on our W-4? |
We are a married couple, both working, one makes 33K, the other 60K. We have a house (real estate taxes and mortgage interest), and no kids. We file married/joint.
For 2008, we're ... |
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 Can I Claim Head Of Household? |
| I live with my girlfriend and 1 roommate. The rent and everything is split 3 ways. Nobody has kids. We have been living here for a little over 1 year. Can I claim head of household?... |
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 Bonus puts me in new tax bracket? |
| My husband and I just discovered that my $3000 bonus will put us into a new tax bracket that effectively forces us to pay $6000 more in taxes. What should I do? Refuse the bonus? Find some other ... |
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 Who pays unemployment benefits? I always thought the employee paid into their own unemployment.? |
| I was told that the employer is 100% responsible and although I know they are the one's paying the government for the unemployment, aren't they allowed to raise or lower the unemployment ... |
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Tom W | I currently own my home outright with no mortgage. I am considering a mortgage to pay some bills and remodel.? |
What tax deductions are available to me? Will this be treated as a purchase or refinance? Thank you. |
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PepsiLime
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It will be treated as a refinance. The mortgage interest you pay will be deductible on Schedule A - Itemized deductions along with any points that you pay for a mortgage, but you will have to itemize to get any benefit out of the mortgage interest. |
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waggy_33
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This would be a refinance. You can have a new loan up to $100,000 without worrying about what the money is used for. Interest would be deductible as mortgage interest but it would not be deductible in arriving at alternative minimum taxable income.
A loan obtained to purchase or make inprovements to a primary residence is mortgage interest deductible against regular tax and alt in tax.
If you obtain a loan for home improvement and for paying other bills treat the portion used for improvements as a regular mortgage and the part to pay other bills as deductible against regular tax only. Keep the amount of the loan for other bills at less than $100,000 or you could lose some of the interest deduction.
Good Luck! |
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Wayne Z
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Refinance
Any interest that you pay on the loan will be tax deductible. That is about it. If you pay points on the loan, you can deduct them but it must be over the life of the loan.
There is one caveat if you get hit by the AMT (Alternative Minimum Tax). The interest on the part of the loan used "to pay some bills" will be an add back for AMT purposes. If you don't get hit by AMT, don't worry about it. |
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bostonianinmo
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It'll be a refi, but you can still deduct the mortgage interest. Any amounts put back into the property are fully deductible. Money taken out for other purposes is limited to $100k so as long as you are using less than $100k for other purposes all of it will be deductible. |
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Daniel C
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It would be a first mortgage. First mortgage does not mean this is the first mortgage you've ever had on this house but rather it is the first in a potential string of mortgages (with the second mortgage being called an equity loan). Tax-wise it would be the same as if you had just purchased the house. |
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Bob D
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Refinance. However most places would like to loan 70,000 at a min for a mortgage. However look for a HELOC Home equity line of credit. Sort of like a check with your house as the asset. Higher rates than a mortgage but you control how much you spend and you arent locked in. |
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Spirit Girl
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I believe you should look into a home equity loan. Depending on the state you live in, you can deduct the interest cost on some home equity loans on your taxes.
Nice that you have no mortgage! |
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joyousbee2003
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Get a HELOC, Home Equity Line Of Credit, This is not a refinance or a purchase. Not sure of the tax deductions though. |
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southron2002
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I would hold off for a bit if you can. I see rates coming down soon. Try the line of credit then write off the interest. |
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