Hi, I asked about how if I had no income this year, could I claim my interest on my house? I?

Question

I received several different answers. There must be a right or wrong. I am a 40 year old single woman who has work 2-3 jobs most of my life. I came from NE to CA. I felt like I was missing a personal life and has enough stock options to take some time off. Get to know my neices and nephews and help my parents out and do some charity work. I also had a boss who wasn;t allowed to take to me due to a personal relationship with my colleague. My Dad has since passed away and I was able to spend 5 months helping my Mom and deal with the paperwork and clutter. I am now looking for a job. I have never taken unemployment or welfare and money doesn;t always make happiness. Please reply. Thanks! Most people are envious, but when they were having fun as teen, twenties and thirties, I was busting my butt to prove to an Italian family that I could support myself, and NO I am not a womans libber.

Answer 1

There are two criteria to meet before you can deduct the interest payment.

1. If you had made less than the combined of a Single filing status's Standard Deduction( $5150) and 1 Exemption ($3300), then you do not have to file for federal tax return. If you are not filing, you can't take deduction. Unless you have investment, interest, alimony, gambling or other income, otherwise you wouldn't need to file and thus can't take the deduction.

2. Only you have other deductions that will exceed the standard deduction ($5150), then itemize will give you less tax liability. Otherwise, you should just take the standard deduction. Other deductible items are: medical care, job searching expenses, property tax, charity contributions etc. For a complete list and detail instruction, see IRS Publication 17, Part 5.
http://www.irs.gov/publications/p17/pt05.html

Best wishes.

Answer 2

so as that we are on the comparable website i will answer you consequently; in case you haven't any longer any taxable earnings then you haven't any reason to record a tax return and any mortgage interest you paid won't be in a position to be deducted. you probably did point out inventory strategies so i think you're growing to be investment earnings which you may checklist. consequently, your interest may well be deducted on Sch A, alongside with sources taxes and each thing else you could placed thereon. do no longer ignore that in case you moved from Ne to Ca and are seeking for for for a activity you additionally can take your shifting expenses on form 3903 (shifting cost) and don't ignore to take your activity seek cost on your Sch A. In doing charity paintings undergo in strategies which you would be able to take a ordinary mileage deduction (2005 fee replaced into 14 cents according to mile). do no longer ignore that vehicle taxes are deductible, too.