 Does my ex-husband need our kids Social Security # ? |
| I was not clear the last time I asked this question so here it is. My 2 kids live with me full time and I will be claiming them as dependents. my ex is asking me for one of the kids Social. I told ... |
|
 Can you file as "single" even if your married but were living in a different home as spouse? |
| if me and my wife were "separated" for more then half the year, (she and my son were living with her mom) but we were not divorced, can we both file single, and she claim our son? some ... |
|
 What can I expect since my ex-boyfriend wrongfully claimed our daughter? |
| I tried to efile last night and my return was rejected because my ex boyfriend claimed our daughter. I have the right to claim her because she lived with me every day last year, and with him only ... |
|
 When it comes to taxes...do you have to enter ALL w2's? ? |
Is it true that you can skip one if it's VERY small and for a short amt of time
?... |
|
 My son wants to move back home with me and my husband. Will we have to pay more council tax? |
Will we have to pay more council tax?
Does council tax go on where you live, size of house or amount of people living in the house?... |
|
 Rent & tax...? |
| Someone I know has rented their flat for a small amount of time (under yr) to a student therefore can claim back the council Tax. However if they try to claim the money back they inform the Local G... |
|
 Do you get taxed on a tax rebate? |
| I am due a tax rebate, but would I be taxed on the money the I receive?... |
|
 How much cash can I receive from a family member without being taxed by the IRS? |
| It's actually a large lone so I can pay off my bills, I will have to pay it back, but how do I put all this money in my acct. without the IRS snooping arould?... |
|
 How do I report someone to the IRS for not paying taxes? |
Additional Details
ok all you asses my landlord has not been reporting us as income for the last 4 years that means no property tax rebate for my low income family and in the past 4 ... |
|
 Who is better to do your Taxes with??? |
...*SOMEONE YOU KNOW OR A TAX AGENCY?
*H&R BLOCK OR THE NEIGHBOR DOWN THE BLOCK??? I WANT TO GET THE MOST OF MY TAXES. WHAT DO YOU GUYS THINK AND WHY?... |
|
 I just started up a company this past September, do I have to pay taxes if I haven't paid anyone? |
| For now, my partner and I have been despoiting money into our business account because we have just been getting everything situated and have not recieved any money for any services yet because we ... |
|
 College student claimed as dependent... stimulus for parents? |
| I can't find the answer I'm looking for directly so I figured I'd ask. Here's the situation: I'm 22 and a full-time college student (living with parents). They were told to ... |
|
 A friend In uk recieving incapacity benefit and Housing benefit? |
| I want to gift money How much can be gifted before it affects benefit.... |
|
|  |
Tracy L | Tax Question: Do I have to claim the interest I paid on my homes? |
I own 2 homes, however, I rent them. I was disabled last year from a car accident for say 6 months, and made nothing, so my income was super low for only 6 months. I do have tenants that rent from me, both homes, and I don't make a penny off of it except to pay the mortgage. I know I can use the interest paid as a deduction, and that is to my benefit, but do you have to? I don't know what to do, if I do use it, then it looks like I paid that mortgage out of my pocket for the year and I did not make enough to even pay that mortgage, so how should I go about doing my taxes? Say I made something little and claim the average allowed deduction, or say I made something, and claim my huge interest deduction wihch will make it look like I made enough to pay that mortgage which I never did. My question is, do I have to claim the interest as a deduction, or can I leave it, since it only benefits me, and not the governement. |
 |
 
lcmcpa
|
You are obligated by federal law to file a tax return. All of your rental income must be reported. If you fail to file, there is no statute of limitations. The government can come after you ANY TIME. You are not obligated to deduct the interest or other expenses. But it is in your best interest to do so, to bring your tax liability down. You can also deduct insurance, property taxes, repair costs etc.
I told you in your other question that the earnings limit was $8200 before you had to file. This is one of those exceptions I mentioned. Even if you have a loss, you are obligated to file. Trust me, the Internal Revenue Service is not an organization you want to screw with.
You still might be entitled to a refund if your facts are true and complete. It is not illegal to live off of your savings.
If you end up in a law suit based on your accident they will probably require you to produce your tax returns. |
|
deltaxray7
 |
Generally speaking you have to itemize your deductions in order
to claim the interest.
And you can ONLY itemize IF your deductions are more than what
they would allow you for your standard deducions anyway.
What that means is: If you paid 1000 dollars in interest on the houses, but you would get a 2000 deduction anyway if you didn't claim it then you can't claim it . |
|
kitty S
|
have you claimed it before if so you should do to it would red flag you next time never allow the red flags then you have to prove it next time......p.s. always take from never give too them..... |
|
Hathor
 |
You need to file a tax return. In your case you would also have a schedule E for your two rentals. It is a requirement. It is likely you would not have income on the rentals as the mortgage interest, property tax and depreciation expense (which you must take) would exceed the income from the rentals.
If you do not file, the IRS will assume income (from the 1099 mortgage interest reported to them) and send you a computer generated letter asking for a return.
It is also advisable to file because you may sell a property in the future and a base price (basis) should be established by filing.
Again, you will not owe tax, and you will not have an open year if you file. |
|
arejokerswild
|
You do not have to claim the interest, but it is to your benefit to do so. |
|
STEVEN F
|
You are never required to claim any deductions. You are required to claim the rental income. I can't think of any situation where you would benefit from not claiming the interest as an expense against the rental income. NOTE: This is an investment property, not a primary residence. Tax code treats them differently. |
|
camaro46368
|
If your talking that kind of money, I wouldn't be asking that question here, ask a account that. Hey be safe and spend a little for the info then be sorry. |
|
Judy1
 |
Are you claiming the rental income? You should be, and expenses are taken against that income.
But to just answer the question you ask, no, you don't HAVE to claim deductions you're entitled to. |
|
TaxGuru
|
Reading between the lines, it sounds as though you are not reporting the rental income. You need to take all your paperwork to a reputable tax preparer and make sure your tax return is prepared properly. This will include computing net income (or loss) from these rental properties. Knowingly omitting income from your tax return is a serious mistake.
Renting properties that you own may be considered either a business or an investment activity, depending upon your level of involvement and the amount of time required. It's generally more favorable to you for it to be considered a business. Your tax preparer can help you sort this out also. |
|
joker_32605
|
Pay up. |
|
MLaw
|
A rental property is a business, the income from which must be reported on Schedule C of your tax form. You have to report the rental income from the tenants on a Schedule C. Then you can deduct the expenses, including taxes, mortgage interest, repairs, & maybe depreciation on the same schedule. If you have not been doing this all along, you've got a problem. Better see an accountant. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 30 minutes(s) ago
| | | |
12 | 42 minutes(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 5 hour(s) ago
| | | |
11 | 6 hour(s) ago
| | | |
11 | 8 hour(s) ago
| | | |
11 | 1 day(s) ago
| | | |
11 | 3 day(s) ago
| | | |
11 | 5 day(s) ago
| | | |
11 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
