 Who should claim the child as dependent? |
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Additional Details
We live together.
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Additional Details
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Additional Details
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A... |
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angel_rat_83 | Please tell me if these things are deductible? |
Credit card interest
Auto loan interest (auto was paid for by a home equity loan on residence)
Auto insurance
CPA for preperation of last year's taxes
Safety deposit box for storage of stocks and tax data |
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PepsiLime
 |
Credit card interest - No and yes. No if it's a personal credit card, yes if it's a credit card for your business (Schedule C).
Auto loan interest, yes because of the interest being home equity loan interest. But it would also be deductible interest if you used an auto for a business (Schedule C) you had.
Auto insurance - No and yes. No if it's your personal vehicle, yes if it's an auto you use for a business (Schedule C), and you take actual expenses (gas, repairs, auto loan interest, insurance, excise taxes, registration, cost of the vehicle itself), no if it's an auto you use for a business and you take mileage.
CPA - yes, but it would have to be reported on Schedule A - Itemized Deductions under Miscellaneous Itemized Deductions and your total miscellaneous itemized deductions would have to exceed 2% of your AGI for the excess to be deductible. If you have a business (Schedule C), a farm (Schedule F), or rental property (Schedule E) then you can take some of the CPA fee and expense it in those schedules.
Safety Deposit Box fee - Yes, but it also has to be reported on Schedule A - Itemized Deductions under Miscellaneous Itemized Deductions, and your total miscellaneous itemized deductions have to exceed 2% of your AGI for the excess to be deductible |
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alikmal
|
1)credit card interest is generally not deductible, only if it is a business credit card and only purchases are made in connection with the business. Then it becomes interest expense.
2) with some exceptions home equity loan interest(that's how you financed your car) is deductible
3)auto insurance could be deductible only if you use your car used for the production of business(work for your self or somebody)
4) tax preparation could be deductible(it's misc itemized deduction subject to 2% of gross income limitation
5) to tell you the truth there are no stock certificates printed these days. Therefore, I think safety deposit box fee is not deductible, though tax code says thay could be deductible if you put there income producing items(tax data is not the item). Even if you can deduct, it's schedule A misc itemized deduction treated as item#4
Deductions mentioned in 2,4,5 only deductible as itemized deductions(schedule A). numbers 1 nd 3 could be deductible on sch C(your own business) or Sch A itemized deductions. |
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sunshine
 |
Credit card interest - Never deductible
Auto loan interest (auto was paid for by a home equity loan on residence) - Home equity loan interest is deductible up to $1,000,000, including your main mortgage.
Auto insurance - Only deductible if you use your car for business/non-commuting purposes, and you use the actual costs method versus the mileage method. In this scenerio, you would have had to have kept detailed mileage records of your cars usage for personal and business use, and I must stress that this isn't for commuting miles.
CPA for preperation of last year's taxes - Yes, in the year you pay them, only if you itemize.
Safety deposit box for storage of stocks and tax data - Yes, if those are your stocks, the tax data is irrelevant, again you must itemize and there is a % of AGI threshold that must be met in this category. |
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Darby
 |
No to credit card interest and auto insurance. |
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bostonianinmo
 |
No, unless for a business
Yes, in most cases, since you used a HELOC, but there are limits.
No, unless for a business
Yes, but you should be asking him or her this question!
Yes |
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open4one
|
None of those are deductible in the US for individuals, with the following exception:
As you describe it, that isn't auto loan interest, it is home mortgage interest. It doesn't matter what you're doing with the money, it's interest paid on a debt against your home, so it's deductible. |
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justgetitright
|
Credit card interest NO
Auto Loan But interest on your home equity is so YES
Auto Insurance No
CPA for Tax preparation Yes
Safe deposit box No
But only if you itemize your deductions on Schedule A of
the 1040 form, you can not deduct if you use 1040A or 1040EZ
EDIT: A couple that you may not be aware of are
License Fee on your Auto mobiles
Sales taxes paid for major purchases, if you recently purchased a new car, the sales tax on that vehicle are deductible, same with large appliances. There is an offset
applied based on income, there is an expected amount of
sales tax that is pre-figured, anything over this is deductible.
Note: Where Sunshine says that insurance is deductible, it
is but only if you are self employed and file a Schedule C
(Income from Business or Partnership), if this is the case
all expenses including the credit card interest (of the business use only) can be deducted. Careful records must be kept. |
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Marianne T
 |
No
NO
Yes
Yes
However, the "yes" answers only apply if you itemize your deductions. Otherwise, the answer is no if you are using the short form. |
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