Questions tagged [tax-deduction]

To be used for any question related to tax deductions.

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4
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2answers
140 views

Is it possible to use a 529 plan solely for myself, without any educational expenses?

I was setting up an Illinois 529 plan recently. Contributions to the plan are state income tax deductible up to $10,000 per tax payer per year. It got me thinking: What is to stop someone with no ...
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1answer
1k views

Can I claim my girlfriend as a dependent?

Can you claim your girlfriend as a dependent in the USA.
4
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1answer
580 views

Are there any tax deductions I can claim if my in-laws move in with me temporarily?

My in-laws recently found themselves in a bit of a bind after unemployment/foreclosure and will be temporarily moving in with my husband and me. All told right now there are 2 additional adults and 4 ...
4
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1answer
149 views

Can I deduct BYOD expenses from my 2019 taxes?

I've been searching around and all I can find is for business owners to deduct expenses from buying equipment for their employees to use, or self-employed persons to deduct their own expenses. If my ...
4
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2answers
197 views

How much taxes should I pay in my case in the UK, if I only work for 3 months

I am an international student, and I will work in an internship this summer. I will work for 3 months (actually, a bit less: 12 weeks). My salary is 65,000£ gross per annum on a pro rata basis, that ...
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2answers
3k views

Property Tax Deduction When Selling a Home

We sold our home last November. During the year we paid property tax on the home, I'll say total of $6,000 for easy math. This is for the 2014 property taxes due in 2015. At closing we had to pay our ...
4
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1answer
379 views

Can money paid to an independent contractor be split among subcontractors as deductible business expenses?

I currently work in a small freelance programming group in the United States that is not set up as any sort of corporation or LLC. Essentially we are just individuals acting as a small programming ...
4
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1answer
180 views

Renting out rooms in my home, what's the proper way to deal with utilities for tax purposes?

I rent out two rooms in my home. Currently we split the utility bill between 3 people, i.e. the utility bill is in my name, and I pay the utilities and then get reimbursed for the other two thirds by ...
4
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1answer
92 views

Can I get a tax deduction for education expenses?

I work as a Computer Programmer for a Healthcare Company. I am in the process of applying for Part Time - Master's Graduation Program in Healthcare. I wonder whether i would be able to get Tax ...
4
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1answer
808 views

How to correctly deduct purchase of a laptop dedicated to my consulting work?

I was thinking about buying a laptop to use dedicated for consulting. Currently I've been using the same laptop that I do my personal stuff on for my consulting work but I'd like to have a separate ...
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3answers
1k views

Cash flow implications of converting primary mortgaged residence to rental

I'm considering the net monthly cost of moving from a mortgaged home to a rental, and converting my current primary residence to a rental property. (Note: the reason for renting instead of selling is ...
4
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1answer
223 views

Where do tax deductions “deduct” from?

My understanding is that tax deductions "deduct" from the Adjusted Gross Income value. Is that right? As a very simple example, let's say I have an AGI of $10 and I owe $3 in taxes (before any ...
4
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2answers
413 views

Can I receive a tax deduction from working from home in a 2 bedroom apartment, one bedroom is used EXCLUSIVELY for work?

My company's base office is in another city so I work from home in a two bedroom apartment. The second bedroom is used as my office and office/work storage. Can I write off this space and any portion ...
4
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1answer
437 views

Deducting medical expenses paid for someone other than yourself or spouse

Can I deduct medical expenses that I paid for my girlfriend's medical bills? She has about $1000 a month of medical bills (prescriptions etc) and is in between insurance. I've been covering it for the ...
4
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2answers
534 views

Do other countries have the equivalent of Australia's Negative Gearing?

Negative Gearing is a feature of Australian taxation where losses from real estate or share investments can be offset against assessable income. In simple terms, the difference between rent, and ...
4
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1answer
2k views

Can I claim a UK or foreign charity donation as tax deductible in Canada?

Can I claim a UK charity donation as tax deductible in Canada? More generally, are charitable donations to foreign charities tax deductible in Canada?
4
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1answer
2k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
4
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1answer
150 views

Itemizing deductions: Proportional tax paid for vehicle title and registration that is not sales tax

In 2017 I bought a used car out-of-state (rather than sort through the local options to find one without hidden water damage). Because I was not a Kansas resident, I had Kansas sales tax waived at ...
4
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1answer
188 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 ...
4
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1answer
78 views

Should I include pre-tax deductions when filling out my W-4?

I have pre-tax IRA and HSA deductions taken from my paycheck. When filling out line 4 of the Deductions and Adjustments Worksheet on form W-4 should I include these amounts, or are pre-tax deductions ...
4
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2answers
133 views

Can I contribute to Health Savings Account mid year, outside of when I enrolled?

I failed to contribute to my HSA account when my company asked to enrolled for it. Is it still possible for me to contribute to it and also get the tax deduction ? If yes, I should be able to specify ...
4
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1answer
378 views

Are reimbursements from company taxable,and do I need to deduct them?

A couple times per year I have training or travel expenses related to my job. My company's policy is for me to pay the expenses out of pocket, and they reimburse me in full. Are these reimbursement ...
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4answers
13k views

Is “premium tax credit repayment” deductible as health insurance cost for self-employed?

Under the ACA, you estimate your income for the year when signing up for a health insurance plan via the exchange. If you are eligible for a subsidy, it is calculated based on this estimated income, ...
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1answer
617 views

Can I deduct IRA contribution even though job offers a 401k which I don't contribute to?

My job offers a 401k, but I don't contribute to it (because it doesn't have a match). Instead, I would rather contribute to an IRA where I can control what I invest in exactly. Here's what the IRS ...
4
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1answer
233 views

What home expenses can I claim back from working full time at home for a business in the UK?

Our company is considering no longer having an office and making all the staff work from home. We all work primarily online running a website, so our work is done purely on a computer. With working ...
4
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2answers
347 views

How can I calculate my income for purposes of an IRA deduction when I have HSA/401k deductions?

This chart here has the income restrictions for IRA deduction income limits. It does not use your AGI but a modified AGI. I have been unable to find any resources detailing how this income ...
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1answer
345 views

Can I claim a dependent care credit for a dependent autistic adult?

I am preparing 2013 tax return forms. Here is the thing: I took the kid to autism therapy several times, and a related conference. I also took the kid to an autism training organization and paid the ...
4
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2answers
373 views

Should withheld income tax be included as income?

Situation: Company C buys a flight ticket for employee E, for him to relocate. Ticket costs $X, so C increases the income of E by $X, and reports it as income on Form W2 form, Box 1 (Wages). C also ...
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1answer
325 views

Tax advantages of using 529 plans to save for child's education?

I have been looking into 529 plans for my son, and my primary banking and financial institution offers a 529, but their 529 is not as high performing as some other likes Vanguard, T Rowe, or State ...
4
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2answers
220 views

Mortgage interest income tax deduction during year with a principal residence change

In 2010 my residency changed from the home I own to a home I'm renting, but I owned the mortgaged home all year. Is the deductable amount of mortgage interest paid pro-rated based on the date I moved?...
4
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1answer
318 views

Where can I find a list of common US income tax deductions?

Where can I find a list of common tax deductions in the US? I'd like to know so I can keep more receipts and pay less tax.
4
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1answer
142 views

Can I use a 529 plan to pay student loans and claim both the state 529 deduction and the federal student loan interest deduction?

At first blush, this sounds like it might be double-dipping. But let's take a look at the new IRS rules. As pointed out in another question, in the U.S. we can now use a Qualified Tuition Program (...
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1answer
87 views

Are contributions to a non-dependent's 529 account in MN tax deductible?

(Minnesota) If I contribute to the 529 account of a friend or relative who is not my dependent, can I still claim the 529 tax deduction or tax credit?
4
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2answers
130 views

Can an independent contractor deduct the cost of a “home-made” meal when service is provided at a client's place of business?

Suppose an independent contractor (IC) has a principal place of business (location A) in which the IC provides a service to a client. However, with some regularity, the IC provides the service at the ...
4
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1answer
224 views

USA: Renter had major medical setback and may become unable to make rent. What implications?

For 2017 taxes (USA) I formally converted my first home to a rental by declaring income, establishing cost-basis for depreciation, etc. The tenant's lease is July/2017-July/2018. Complicating things, ...
4
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1answer
4k 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 ...
4
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1answer
72 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:...
4
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1answer
1k views

“Memory Care” tax deductible as Medical expense?

IRS regs that I've seen show that "nursing home" expenses are medical expenses that can flow to the medical deduction part of one's schedule A. It's hard to tell what the line is between general '...
4
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1answer
84 views

How do I take a loss on an IRA I converted to a Roth IRA?

Can I take a loss on conversion? If so, how do I do so (i.e. what U.S. tax form do I use)?
4
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2answers
438 views

Is there a tax deduction for a loss due to theft of inventory in a start-up business?

I acquired an inventory for a business start-up. The owner of the building died. An executor wrongly sold off the inventory and did not turn over the funds. The reasoning, if the person would ...
4
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1answer
700 views

Dependent Care FSA: What if my spouse is a full-time student AND works?

I work full-time. My employer provides access to a dependent care FSA. My wife goes to school full time and as a result we have dependent care expenses for two eligible dependents. She also works part ...
4
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1answer
134 views

US - educational tax credit on imputed income for educational expenses?

My wife is employed by a university. Up to a certain monetary amount, she can take classes with no financial or tax impact. (I believe this amount is set by the IRS but that's not at issue here.) ...
4
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2answers
46 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 ...
4
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1answer
876 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
4
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2answers
262 views

Usage of non refundable tax credits

I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate non-...
4
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1answer
526 views

Is this understanding of S-corp taxes correct?

I am putting together a business plan for a s-corp and trying to figure out how the taxes will work. Below is the scenario and my understanding: S-corp shareholders: 2 partners (husband & wife) ...
4
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1answer
107 views

What things do I need to consider if I want to gift units of a fund or stock to some one who is not related?

Instead of the traditional cash gift, I want to give my gift in terms of something that could increase in value over the long term. Before doing that I wanted to ask the below questions: Do I have to ...
4
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1answer
297 views

Can you claim child care expenses on your tax return in the UK?

Can you claim child care expenses on your tax return in the UK?
4
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2answers
594 views

Is it financially-beneficial (tax-wise) for couples to be married, or to remain common-law, in Canada?

Which is more beneficial to your bottom-line (disregarding the cost associated with actually getting married, and assuming no children are involved).
4
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1answer
78 views

Employment travel expense tax deduction

I am currently located in Ontario, Canada. I work full time as a security guard and am required to regularly secure a client's building. According to the Canadian Revenue Agency link here, anyone ...

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