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 had enough stock options to take some time off. Got 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 talk 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. And yes, I payed 90,000 to the government last year. A killer!!
2006-10-16 20:22:46 · 7 answers · asked by lee f 1 in Business & Finance ➔ Taxes ➔ United States
Deductions are meant to reduce your taxable income which according to your question, you have none. So, no you can't claim your mortgage interest to reduce your taxable income because you have no income. If you have income (from cashing stock options for instance) then you can deduct your interest on Schedule A providing you have other deductions which add up to more than your standard deduction. Also, reducing your taxable income to below zero does not mean that you get a refund of anymore than you paid in during the year, if that's what your question is getting at.
2006-10-17 02:04:48 · answer #1 · answered by porkchop 5 · 1⤊ 0⤋
So that we are on the same page I will answer you thus; if you have no taxable income then you have no reason to file a tax return and any mortgage interest you paid cannot be deducted. You did mention stock options so I feel you may have investment income which you have to report. Therefore, your interest can be deducted on Sch A, along with property taxes and everything else you can put thereon. Don't forget that if you moved from Ne to Ca and are searching for a job you can also take your moving expenses on form 3903 (Moving Expense) and don't forget to take your job search expense on your Sch A. In doing charity work remember that you can take a standard mileage deduction (2005 rate was 14 cents per mile). Don't forget that vehicle taxes are deductible, too.
2006-10-17 03:48:13 · answer #2 · answered by acmeraven 7 · 0⤊ 0⤋
I haven't seen your first posting but the answer to your original question is yes. For example, let's say you are a freelance anything and you did well the year before last but made nothing last year. Of course you can take off the same deductions you took off before. Welcome to California and never forget to take time for yourself. I'm sorry to hear about your Dad but it is a good thing that you can be there for your Mother. Good luck!
2006-10-16 20:33:52 · answer #3 · answered by pookie 2 · 0⤊ 0⤋
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2016-12-13 09:48:10 · answer #4 · answered by ? 4 · 0⤊ 0⤋
If you paid mortgage interest on your home, it is a deductible expense on Schedule A, Itemized Deductions. If you have no income (taxable income), then you won't owe any tax.
2006-10-17 01:02:08 · answer #5 · answered by Adios 5 · 0⤊ 0⤋
How do you make the day go by? Get it, "day go"? I crack myself up sometimes.
2006-10-17 02:21:06 · answer #6 · answered by jinenglish68 5 · 0⤊ 1⤋
yes you can, there should be no problem. I'm italian too! :)
2006-10-16 20:35:40 · answer #7 · answered by Anonymous · 0⤊ 2⤋