Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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Can the repayment of the Advance Premium Tax Credit be deducted in the year paid?

IRA withdrawals kicked me out out of ACA. I had to repay over $14,000 Advance Premium Tax Credits with my 2018 tax return. The answers I am seeing seem to say I can take it as a 2018 medical expense ...
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79 views

Can a nonresident alien claim the NY State Standard Deduction (2018)?

Can a nonresident alien (Form 1040-NR-EZ) claim the NY State standard deduction or does he/she need to claim itemized deduction (like on the federal return)?
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44 views

How do Rent Concessions affect the DC Renter Tax Credit?

I live in a rent-controlled apartment in Washington DC, and my landlord engages in a scheme to get around Washington DC’s rent control laws. How it works is that my nominal rent is $2000, but I get a ...
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23 views

How to claim motor vehicle expenses on taxes with incomplete information?

I am currently doing my sister's taxes, as stated in a previous post. She started working at this new job in May and her previous work was done at one single office location, hence she is not eligible ...
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26 views

1041 Final Estate Return/K-1s: No income; are probate expenses deductible for beneficiaries?

Am preparing the final return for the estate. There is no income to report. There were probate-ONLY-related expenses (attorney, court filings, announcements in newspapers). I am defeated in knowing-...
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40 views

Self-employed: claim CPP for self on Line 9060 of T2125?

In Canada, self-employed individuals have to contribute more to the Canada Pension Plan (CPP): we have to pay both the employee and employer amount. Whereas employees just pay their employee amount ...
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Property purchase Abroad. Tax deductions

I live in US. I purchased a couple properties a few years ago abroad. I did not take mortgage. I paid it from my savings account abroad. I heard we can claim tax deductions even for the past purchases ...
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82 views

Business losses for expenses incurred by a foreign contractor

I am a resident of California (Green Card holder), and started a new business in 2018 to evaluate an idea I had. It was not registered in state of CA as I was not sure how far the idea can go. Anyway, ...
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302 views

Self-employed, Medicare, Retiree: Box 5 on 1099-R is empty; is health insurance deductible (1040, Line 29)?

If Box 5 on a 1099-R is empty, does that mean that health insurance premiums for a self-employed retiree can be deducted on line 29 of the 1040? (Assumption: All other requirements for 1040 line 29 ...
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44 views

Employee v. 1099 small expenses in the USA

In the USA, Sally is a normal employee making $100,000 a year At the end of the year, she files her taxes with taxact.com and pays the $20 fee. Sally simply claims the standard deduction of $12,700....
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243 views

Taxes and health insurance: Find SLCSP (second lowest cost silver plan) before 1095As are issued

To do 2017 end-of-year tax planning, I need to know the second lowest cost silver plan (SLCP) for my Colorado zip code. I've tried searching my health insurer's site, the state marketplace site, and ...
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155 views

VAT on purchasing home abroad (Italy)

I am a US permanent resident considering buying a property in Italy. This will entail a 10% VAT on the home value. Can I declare this as a tax credit or as a tax deduction for my US taxes? (Please ...
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294 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 ...
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121 views

Car as business expense, but not because of driving

I was brainstorming a not-documented way of possibly deducting a car and associated costs as a business expense. But not because of normal driving. So I would like some insight into it. I would like ...
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101 views

Can I deduct personal loans or use them as tax “write offs?”

Say I loan $5,000.00 to a relative, and they still owe the majority of that amount after many years of no payment. Can I just vaguely write off this number, assuming the money was lent as cash, hand-...
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167 views

On claiming mileage and home office deductions

My wife and I have a very particular driving/office/home office situation which is bringing us doubts about (US) income tax and deductions. My wife has several part-time jobs of 5-7 hours a week. She ...
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64 views

Expenses - interest?

In the milieu of the USA / IRS, I was wondering. Say you get a loan from the bank, $20,000, for a few months. This is for your business. You use it to buy some equipment, waiting for a client to pay ...
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85 views

Supporting Parents by Paying Monthly Payments Tax Benefits

Each month I pay my parents $300 so they can support themselves. My father still works and so is my mother. They filed a joint return themselves. They DO NOT live with me. Can I get any tax benefits ...
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367 views

Is the interest on money borrowed on margin in/for an RRSP considered tax deductible?

If I borrow cash in my margin trading account which happens to be an RRSP account, does the interest on that money become tax deductible from my income? I know if I put money in my RRSP from my salary ...
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1answer
124 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 ...
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112 views

Income Tax on per Diem (Non Accountable plan) [closed]

My Employer started giving me per diem @ of 4.50 per hour, the per diem pay check runs separately and it includes Medicare and Social related taxes, but no Federal or State tax. The pay check list ...
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866 views

Why are mortgage interest and taxes considered tax deductible?

I have trouble understanding the rationale behind why certain things are tax deductible while other things are not. For example, I understand that RRSP contributions are tax deductible because I am ...
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866 views

Can I purchase gift cards this year and deduct as a business expense, and spend the cards next year?

If my friend was to buy 5k in Amazon gift cards for himself before the year end knowing that he was going to spend those during the 2019 fiscal year, with the idea that he would be writing this off as ...
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Re-financing rental property in excess of original basis

Is the interest deductible on a rental property mortgage that is in excess of the original basis plus any improvements, less depreciation?
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145 views

What are simplest examples of buying or spending money to reduce income taxes in Ontario?

What personal (not corporate) tax examples like the quote underneath appertain to Ontarians? Please focus on examples that can appertain to as many Ontarians as possible, thus don't focus on high ...
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2k views

Roth conversion: US tax brackets for Non-resident Aliens (residing in India)

Question 1: If I move money from a traditional to roth IRA (or pretax 401k to roth) account, what are the US tax brackets? Are there any standard deductions? Will I have to pay any taxes in India for ...
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617 views

Standard deduction V. mortgage interest deduction - is it basically only for the rich?

In the USA experience: I find the whole "mortgage interest deduction V. standard deduction" issue confusing. Here's how I understand it: Everyone gets a $24,000 deduction. Great so far. If you like,...
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247 views

Does it make sense to incur a business expense just because it can be deducted?

I am trying to prove to myself that incurring expenses just for the purpose of writing them off never saves money. It is always better to not incur the expense at all if you can avoid it. This is my ...
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210 views

How much income tax should I expect to pay

I need help. My previous employer is confusing me and wont pay all my wages. I work at this retail job for one month, November 2017,and left after i was told i would be paid two weeks into december. ...