My husband and I started a business in 2007 and we have not made any profit just yet we still bought things for the business. My husband wants to go to H&R block to have our taxes done so we have ...
Was looking on the net and found a job in the uk, and the salary was 20,000 .I believe that is before tax (considering that in Britain that's the way they do it) how much would it be after tax?<...
Should I keep track of how much money I take in, so I can pay 6% sales tax to the state of Michigan? How do I report this? Do I get any discount because I paid tax on the materials I used to make ...
We have been living apart for 3 years and in this time she has not been gainfully employed. She has filed separately as "head of household" to vindictively force me to pay $8000.00 for both ...
I work at a restaurant in NYC and we've always gotten paid without taxes being taken out of our checks. We instead claim the money and pay taxes every year to the government. I just found out ...
Any tax attornies out there? I haven't filed taxes in five years. I think I owe about $25,000. Whats the best course of action? Can I negotiate it down? I had a nervous breakdown about 2 ...
My boyfriend and I live together and are expecting soon... Since we file individual taxes, who should claim the baby? The person with the higher or the person with the lower income?...
Also, if my wife makes money, can she claim me as a dependent even if I'm her husband? Additional Details I lost my job in early April and already filed. I'm just wondering for ...
Or sent out by that date or something like that? I thought there was a law? If so how come it seems that I don't get them until Mid Feb? Any one know the law?...
i looked on the IRS website and it said May, but heard on a local (SF Bay Area) news broadcast last week that "next week people can expect to see something in their mail box from the IRS... but ...
I am buying something from a store in California and they made me pay the 8.25% sales tax. They will not refund me unless I come up with a proof that I should not pay the state tax. Any online ...
I was stupid and reproduced with my ex last year. Anyway, he claimed our daughter and was not supposed to. He has not paid a penny to child support, she does not live with him, he also made less ...
Libby C
If my rental income is equal to my mortgage should i still pay tax?
Rental income is income so of course you have to pay tax on it.
The amount of your mortgage makes no difference whatsoever.
steffi
In the UK, you can only claim tax relief on the mortgage interest, not on your capital repayments.
There is a box for expenses in which you can put the amount of interest on the Income From Property page on your Tax Return, and you can claim other expenses, but what they can be depends on whether the letting is furnished or unfurnished.
Cari
Yes, the rental payments are still income. The fact that you are spending them to pay off the mortgage is irrelevant.
mark j
Yes I think any rental income is still liable for tax.
devine diva
yep afraid so, our rent doesnt even cover our mortgage its short by about £60 and we still have to pay it! dont forget if you are married and its a joint mortgage you have to declare half each of the rent.
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