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Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

3
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1answer
60 views

Tax rebate for home loan of under construction property

I am living in a rented house. This year (F.Y. 2016-17) I have booked an apartment in the same city for which I will get the possession after 3.5 years. I have opted for CLP and I am paying the EMI ...
1
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3answers
95 views

Is it wise to invest money in NPS in India for tax saving

My 80C section is filled for tax saving. In addition to this, I see that NPS provides 50K more for tax saving. I am planning to go for NPS Tier-1 SBI funds - Government Securities. Does anyone know ...
0
votes
1answer
92 views

Is there an ETF which tracks BSE or NSE among ELSS funds eligible for tax deductions under 80C? [closed]

Is there an ETF which tracks BSE or NSE among ELSS funds eligible for tax deductions under 80C? I see a list of ELSS funds here, but do not see consolidated listing of expense ratios or fund types..
1
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1answer
294 views

Will employer benefit from paying bonus to employee

I work for Company XYZ as consultant, but my work location is at client place as contractor. My employer that is Company XYZ, filed labor (LCA) for 100k, but as I work as contractor my pay depends on ...
9
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5answers
5k views

Borrowing money to buy shares for cashflow?

I currently have lots of equity in my house in Sydney. I am holding 2 investment properties that are negative and really draining my cash flow as we have young kids and wife only works part time. I ...
0
votes
1answer
24 views

Clarification on student expenses - To file the tax for the next year

Clarification on student expenses - To file the tax for the next year. I have a full time job as well as going back to Grad school as a Part Time Student. Do i need to collect all my bills such as ...
6
votes
1answer
74 views

Are partial IRA deductions applicable to the first X dollars or a percentage of the full 5.5k?

Consider two married individuals in the following scenario for 2017: Married filing jointly with MAGI = $109,000 Both people are participants in an employee-sponsored plan Both age 35 They both want ...
20
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3answers
2k views

Tax benefits of recycling

Today I spent 15 minutes of my time to drop off burnt-out incandescent light bulbs at the only place in town that accepts them. I was charged $1/bulb for helping the planet. The cashier told me to ...
1
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1answer
336 views

1040NR-EZ, no Schedule A, did I claim itemized deductions?

I filed the 1040NR-EZ form for the federal return in 2015. On line 11, Itemized deductions, I entered the result of the "Itemized Deductions Worksheet" (just the state taxes that were withheld from my ...
0
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0answers
30 views

Can I deduct the costs of a side business from my primary income (US)? [duplicate]

I am thinking of starting a side business doing personal training in a private gym studio. Initially I will have to fund the operation via income from my full-time job and expect to operate the side ...
-1
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1answer
122 views

How do I minimize my taxes as an IT Employee in India?

I am working as java developer in start-up software company. My monthly salary is 30,000. The company takes my money as tax (1,500/month tax), and 2,000 for a food plus card. How do I get all of the ...
1
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1answer
23 views

Is LIC MF ETF NIFTY 100 deductible under Indian Income tax sec 80C?

Is LIC MF ETF NIFTY 100 deductible under Indian Income tax sec 80C? http://www.incometaxindia.gov.in/Charts%20%20Tables/Deductions.htm lists: ■ Subscription to any units of any approved mutual ...
23
votes
4answers
2k views

Is it worth saving HSA funds until retirement?

I recently discovered that there is no lifetime limit to contributing to an HSA account - provided that you don't contribute more than the limit per year. Assuming that an individual makes a decent ...
0
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2answers
71 views

How can i claim moving expense in 1040?

I moved over 200 miles last year to be close to my new working place, using a service found on an online app (Roadie). Can i claim the moving expense in Line 26 in 1040? Do i need to provide to IRS a ...
4
votes
1answer
178 views

Car repair tax deductible?

I live in California and I have a rental house in Washington State. I claim the rental as income and have been paying taxes on it. Last year, I drove from California to Washington State to check on my ...
8
votes
2answers
2k views

Can I take the self employment healthcare deduction if I get my insurance through my employer?

Historically when I had insurance through ACA, I deducted the premiums on the special self employment premiums deduction. Now, I get insurance through my employer but still pay a ton for it. Is that ...
0
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0answers
211 views

TurboTax how to enter “Self-employed health insurance deduction” (1040 line 29) for my income from S-corp K-1?

1040 line 7 = $135K wages an employer not related to my S-corp. 1040 line 17 = $90 from my S-corp K-1. 1040 line 29: "Self-employed health insurance deduction" Can I enter my $9300 health insur ...
3
votes
1answer
67 views

Renting from self during out of area remodel project - deductible?

I own a nightly rental that's out-of-area. I was considering moving to that area for a month and renting and living in my own property while I (personally) do an extensive remodel on it. Would those ...
1
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0answers
29 views

Section 179 and Closing LLC

I closed my LLC 2016 (sole, no employees), can I take section 179 tax deductions in the 2016 return? Do I need to recapture my previous section 179 deductions?
2
votes
1answer
79 views

What is S/P in “Tax Deduction S/P”? [closed]

This may be an unusual question, but I have a plugboard labeled "Tax Deduction S/P" for an IBM 402 accounting machine from the 1950s. This must have been used to process records on punched cards to ...
14
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4answers
3k views

What home improvements are tax deductible?

Specifically, do odor removal and air duct cleaning count as tax-deductible home improvements?
1
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1answer
110 views

What foreign Government Taxes of Home buying process can I use in Itemized Tax Deduction?

I bought a house in India in 2016. In that process I had to pay few different taxes to government. I took a loan as well. Which of these can I show in Itemized deductions? Government Taxes Stamp ...
3
votes
0answers
130 views

Deducting travel costs for summer internship on J-1 visa

I am a full-time PhD student at a university in Germany. To get funding for my PhD studies, I am employed as a research assistant by the university (I have been continuously employed in this position ...
3
votes
2answers
287 views

What tax percentage will I pay on this benefit in kind?

I live and work in the UK I'm confused at the amount of the tax I will have to pay on this benefit in kind. Say I earn £50k, and have a benefit in kind for travel which is £2000 (for a yearly season ...
0
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2answers
39 views

Offsetting losses on share sales with annual tax returns in Australia

I currently hold stocks on a company that has lost 50% of its share value from the time I purchased, can I sell this and offset the loss while claiming tax for this financial year. (The shares were ...
2
votes
0answers
72 views

If I have a home office and report to a main office, what are the travel expense deduction rules?

I have a sales job where I have a home office and I report to a main company office twice per week. My job is to visit potential clients and visit/support existing clients. When I visit the main ...
4
votes
1answer
87 views

Health insurance deductible for self-employed equal to employer tax deduction?

As I understand it, premiums for employer heath plans are taken out of costs so they are inherently tax free. In other words they are not consider "income" for the employee. For a self-employed ...
5
votes
1answer
282 views

Is it common for a one-time windfall to lead to an individual net operating loss in the following year?

Suppose that Alice ordinarily makes $100,000 a year. Then, in Year 1, she wins the lottery and experiences a one-time windfall of $2.4 million, bringing her income for that (single) year up to $2.5 ...
34
votes
8answers
22k views

How can I achieve a 13% U.S. Federal tax rate?

MSNBC just had a segment explaining how Bernie Sanders paid 13% in federal taxes. This year my income changed significantly, and I'm making a little less salary than Sanders's ~$200k. However, unlike ...
1
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2answers
195 views

IRA Deduction Worksheet Question 6 Married filing Jointly

I'm trying to understand the questions in this vectorized case of Married filing jointly for the IRA Deduction worksheet. In my case I work and contribute to a 401k, my wife does not so for Question ...
4
votes
1answer
3k views

Deducting business expenses paid for by gift card

Let's say I need to purchase a $1000 computer for my sole propietorship / side business. I can pay $1000 and deduct it on my schedule C, but what if I have the opportunity to pay $800 for a $1000 gift ...
0
votes
1answer
31 views

Clarification on filing Tax for the education expenses?

Last year i spent around $1200 on preparing GRE through Kaplan. Whether that expense can be declared in filing Tax? Second question is, I am from Computer Programming background and going back to ...
3
votes
1answer
152 views

Donations: In need of guidance on filling out a 8283 form

I believe I have this 80% figured out although theres still some grey areas thus far based on researching a variety of tax websites and IRS's official page. My situation is as follows. Donating FIVE ...
0
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2answers
75 views

What pretax allowances can only be taken advantage of during payroll deductions?

Is it true that some pretax offerings from full time employment at a company can only be taken advantage of via payroll deduction? Essentially your company shuffles the money about for you as the ...
2
votes
3answers
3k views

Is it normal to have much higher tax returns after buying a house this year?

My federal return was $2,800 and state was $170 last year and $4,800 and $1,200 this year which seems like I made a mistake somewhere to be that high. Nothing else significant changed between last ...
2
votes
1answer
68 views

Are there any other deductions analogous to HSA deductions, for pretax accounts I can contribute to with post tax money?

I always max out my HSA each year and somehow I came up short just over $100 and I thus made a deposit to my HSA from my checking account for that amount (post tax of course) to count towards my 2016 ...
4
votes
2answers
44 views

Criteria for commercial loan so that interest is deductible?

A family member wants to lend me money for a business venture. I want to be able to deduct the interest I pay him as a business operating expense. However, I understand that the IRS is often skeptical ...
2
votes
1answer
114 views

Can condo fees and special assessments for a vacant property be claimed as moving expenses?

I relocated to take a job in a different province, and during that time the condo (which I was the sole owner of) sat vacant on the market for three months before finally selling. The condo fees ...
6
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2answers
2k views

Can I withdraw a non-deductible traditional IRA contribution without penalties in the same tax year?

I just spend two hours going through IRS Publication 590a, and reading all related question here and in some other places (none matched this question exactly). Situation: X is over 50 and ...
3
votes
1answer
56 views

Is a tax-deductible IRA contribution applied before the AGI income limit is checked?

If your AGI is above the limits defined by the IRS, you cannot deduct Traditional IRA contributions. What if deduction of the Traditional IRA contributions would reduce the AGI just under the limit?...
4
votes
1answer
71 views

Can I distribute a deduction from rental losses over multiple years?

Situation: During the last decade, I have accumulated significant losses from a rental property; the deductions I can get for that in every year are very limited, so there is pending carryover. Issue:...
8
votes
1answer
1k views

Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, ...
1
vote
1answer
193 views

Where should I put Internet expenses for my Home Office?

There are four options: Other Common Business Expenses - Communication; Other Common Business Expenses - Utilities; <– I believe it should never be used if you have home office. Home Office ...
10
votes
1answer
162 views

Can you deduct membership to a doctor's office as a medical expense?

In the US, I'm trying to figure out if membership to my doctor's office is deductible. My office charges a $149 annual fee for access to the office, which allows them to provide good online tools, ...
5
votes
1answer
424 views

Married Filing Separately - Who Can Deduct Mortgage Interest

Wife and I are married, but filing separately due to excessive student loans that she has. Mortgage is in my name (due to excessive student loans that she has), but we are both on the title of the ...
86
votes
5answers
19k views

I have sole custody of my child but the child's father's brother claimed him as a tax deduction

I have court papers showing that I have full and sole custody of my son and that he was with me like 99% of the year. I let my son's father have him a few weekends last year but only a handful. My ...
2
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0answers
50 views

I have a charitable carryforward from 2011: Can I file in October 2017 (extension) and still take it?

In 2011, I made a large charitable contribution to my school. Some is still left over, despite my having taken the maximum allowable charitable deduction each year. I know that I cannot carryforward ...
1
vote
1answer
82 views

Are the education credits given on your taxes based on the amount of your expense, or is it a base amount of credit no matter your expenses?

My daughter needs to prove her education expenses for the education credits she received on her 2014 taxes. This was her first year filing taxes and she did use a tax lady. The tax lady has told us we ...
4
votes
1answer
153 views

Is there any way to alleviate the impact of divorce on tax returns?

My friend got divorced towards the end of 2016, and it seems she owes a lot more than she was expecting because her filing status is now Single. She went through all the options she could find in ...
3
votes
2answers
174 views

US - Home Office Deduction As Both an Employee and For Self Employment

I am a full time employee at a company which does not provide a regular office. I work from home as a result. I also have a non-related business where I work between 20 to 30 hours a week from my ...