 Can i deduct a gun and computer i bought 4 work on my taxes? |
| i had to buy a gun 4 work and i bought a computer 4 my avon business can i deduct cost on my ... |
|
 If you have a child for 7 months and his dad had him for 5 months who can file him as a dependent on taxes? |
| i have legal custody of him at this point also i will be filing soon if his dad tries to file after I do will the form be rejected or what will happen.He is 360 behind on child support and I think he ... |
|
 Do you think your generation has evolved? |
| as technology has? I find it interesting that those that are younger than me seem to have ears that fit the ear pieces that go to the portable cd players and even the cell phones. Mine always fall ... |
|
 I have not filled out tax forms for awhile. Am I in BIG trouble? |
| My income tax refund was intercepted because of outstanding student loans. The following year, I had a back injury and couldn't work. I lived in low income housing and depended on a church food ... |
|
 My mother hasnt gotten her stimulis check/rebate check from the IRS why? |
| she filed it on april 15, at the post office in providence Rhode Island and she hasnt gotten it and she hasent received a notice when it was coming.she was suppost to get it around the middle of june.... |
|
 Can you deduct the interest paid on your home for the year before? |
| I went to H&R Block last year to get my taxes done and they told me I could not deduct the taxes or interest paid on my home because it was under $10,000 but I was told later that this was untrue.... |
|
 Report winings to IRS taxes are how much? |
| OKay, I entered myself into a radio contest for a chance to win a 10,000 dollar shopping spree to a mall. Well, I know i'd have to report my winning to the IRS and pay taxes. I just want to know ... |
|
 If UK was handed over to the EU completely ..........? |
| would the vast ammountof taxes be brought into line with EU policy.... |
|
 Gambling winnings and state tax question? |
Okay, so gambling winnings must be declared as taxable income for federal and state taxes.
What happens if you happen to win a big prize on the exact same day you move from one state to ... |
|
 I worked two jobs this year one job I only worked two months I haven't received my w2? |
| The job I worked 2 months on has closed down and I'm having a hard time obtaining my W's I only made 5500 dollars should I just scrap it?... |
|
 Who should claim my new daughter me or my boyfriend? he worked and made 3K but i only worked 2 weeks?? |
| how does it work we live together but arent married i want the maxium amount back and will we get the EIC also?... |
|
 If one was not employed but a full time student with a dependant, are you able to still do taxes? |
| Full time student throughout the whole year and did not work. I have a dependent and student loans. Will I still get a return like for the child tax credits and refund money for schooling?... |
|
 How much would it cost to import better weather? |
As much as we pay in taxes, I would think we could use some of that money to get a better climate.
Maybe we could buy Hawaii's surplus weather. Has UK ever made them an offer?... |
|
 I'm self-employed. If I make quarterly estimated tax payments, do they include Medicare and Social Security? |
Do I pay separately for Medicare and Social Security or is this included in a quarterly estimated tax payment?
Thanks!... |
|
 What do you think about Bush's tax rebate plan? |
| I mean a check for $800 would be nice, but 150 billion dollars for a "shot in the arm" not sure how I feel about that. What do you think??... |
|
 Is anyone with last two social #'s 66 having trouble on the irs.gov rebate tool? |
| just wondering why I still cannot get status on my rebate,some people with higher numbers are able to get it.... |
|
 How do I find when email I received is a scam or real ? |
| Banks in HongKong is asking me to come there and pays more than 7,000 us dollars as taxes for the money I inherited to Mr rafik Hariri from Barclays Bank in London the amount is 36 million pounds ... |
|
|  |
YouTube | If your house price drops in value, can you claim a loss tax writeoff? |
your house drops $50,000 in value, can you claim a loss? shouldn't property taxes drop as well? |
 |
 
torrie
|
Rain, you can not deduct a loss even if you DO sell the house! |
|
Judy1
 |
Not if it's your personal residence - you can't claim a tax loss on that. If it's rental property, you might be able to.
Property tax assessments are usually way behind changes in the real estate market, whether up or down, so usually property taxes won't change, especially if the changes in value appear temporary. |
|
Steve
 |
You can't claim the loss for Federal taxes. However, you need to file an appeal with your county (or property taxing authority) to have your property taxes lowered.
Remember, the county has no interest in "helping" you pay less property tax especially if your property value was recently reassessed at a higher rate. That is why you need to file the appeal. |
|
toehead
|
You can't claim a loss on the value of your house if it is your personal residence - even if you sell it. Once you do sell it, the lower amount you sold it for would be compared to how much you purchased it for. If you are married and the difference is less than $500,000 then you would not have to report a gain on the sale of the house as long as you have used it as you primary residence for 2 of the last 5 years. If the difference is more than $500,000 then you would have to pay a gain on the extra amount. |
|
stephenweinstein
|
Q. your house drops $50,000 in value, can you claim a loss?
a. If it drops suddenly because of damage from a fire, flood, or other calamity of that nature, you can deduct that immediately.
b. If the drop is gradual or due to a general drop in the housing market, and it is an investment property (not a house that you use), and you sell it at a loss, then you can claim the loss at that time, but you cannot claim the loss while you own it.
c. If the drop is gradual or due to a general drop in the housing market, and it is the house where you live (not an investment property), then you cannot claim the loss at all.
Q. shouldn't property taxes drop as well?
A.
a. If the drop is gradual or due to a general drop in the housing market, then nothing happens until the next reassessment. Also, because the other houses have also dropped in value, they will need to raise the tax rate in order to receive the same amount of revenue, so your taxes will not change much (and may increase).
b. If there is major damage to your property (like the house burns down, so you have only land remaining), you may be able to have your property tax lowered. |
|
orrphan
|
Tax implications would be reflected in the property tax, although if your property tax is like mine, it's not all that nimble: I don't think mine has changed in the last 5 years. |
|
Linda K
|
You can only depreciate rental property, not your own house. You can only claim a loss if you sell the property. Property tax assessed value will change if they do a reassessment, but if all properties are going down, then the tax rate will go up so they can continue to collect enough taxes to cover the budget. |
|
Rain L
|
yes, the property tax should drop but you have to call the city to have them recalculate the drop in price. Well you can't have a tax write off unless you sold the house. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 41 minutes(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
8 | 7 hour(s) ago
| | | |
8 | 9 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
8 | 4 day(s) ago
| | | |
8 | 1 week(s) ago
| | | |
8 | 1 month(s) ago
| | | |
8 | 4 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
