I own a house and went to school last year....I DID get income tax papers for BOTH...is that right? Can I claim them both? I am kinda confused on this one.Thanks for any help :)
2007-02-01 16:17:58 · 11 answers · asked by babyN 4 in Business & Finance ➔ Taxes ➔ United States
NUSHA.......UR so dumb! jealous is what it is! You were reported for your dumb information!
BTW I CAN use them when I file...PAID INTEREST!
And your level 4? you just answer questions for points...atleast me and other ppl USE yahoo for REAL reasons (I think I may report you AGAIN for that!) ABUSE IN YAHOO!!!!
2007-02-03 01:59:32 · update #1
If you own a house, you likely got a form accounting for the interest you paid on your mortgage. If you itemize (i.e. you don't take the standard deduction), then you can deduct all of that interest expense from your income.
Under certain circumstances, you can also deduct educational expenses from your income. (Your tax perparer will know if and how to deduct them.)
Just give all your tax paperwork to your tax preparer. Also, include any expenses you think may be deductable.
2007-02-01 16:21:30 · answer #1 · answered by Yep! 4 · 1⤊ 0⤋
If you can't add, subtract, multiply and divide why did your high school award you a diploma? Why did your state allow you to pass the standardized exams? Accounting usually only requires low levels of math and higher problem solving skills. Your excuses are ignorant and do not have common sense involved. What is so hard about 55,000 x 7.5% - 5,600 ? so they passed the threshold by $1,475. The minimum is 55,000 x 7.5% or 4,125, so anything beyond that beats the threshold tests. I think you don't understand what it is your flaws truly are. TRO - really ? Textbooks generally do not use the current tables, they also tend to mix up and confuse you on purpose by using various tax years and dates in problems. She never said which tax year the teacher gave her. It is not a true taxpayer question. It is an academic homework question.
2016-05-24 04:16:46 · answer #2 · answered by Diane 4 · 0⤊ 0⤋
IRS.gov
You may have received a 1098 Mortgage Interest Statement showing the interest paid on the mortgage on your home.
You may have received a 1098 T Tuition Payments Statement for tuition that you paid the school/college that you attended.
I also suggest you thoroughly study Publication 17 Your Federal Income Tax for Individuals.
click on the IRS link - on the next page click on the tab for Individuals and scroll down the page until you see the link for Pub 17 and click on that - you need Adobe Reader.
2007-02-01 16:37:20 · answer #3 · answered by birdwatcher 4 · 0⤊ 1⤋
If you earned income you can. The most important question would be did you earn enough money for it to be worth the paper work. If you earned less than your standard deduction then it would be a waste of your time.
It truly depends on your situation. If you are looking to do it your self there is a great program you can use called Tax Act. They let you prepare and efile your return for free. It is at taxact.com. I have used it for the past seven years and love it.
2007-02-01 16:24:07 · answer #4 · answered by CLEMVIER 2 · 0⤊ 1⤋
yes you can claim them both i think it is called itemizing i think you are going to have to file a plain 1040 for that or 1040A not sure. actually the best thing you can do is go to a local community college and ask their accounting services if they have a volunteer tax preparation program. If you want you can also search for it on the internet. they are all certified people to be able to do your taxes. unless you have international or military income they will be able to help you.
2007-02-01 16:24:54 · answer #5 · answered by na 2 · 0⤊ 1⤋
go to irs.gov
you can be guided to an appropriate entity for your income level etc. There are stipulations, but several of them are free. I did mine this way the last couple if years. You will be taken step by step through the process and the appropriate 1040 form will be given to the IRS.
2007-02-01 16:28:59 · answer #6 · answered by Ta Dah! 6 · 0⤊ 1⤋
My husband and I are retired and live on SS and our pensions. This year we refinanced our house and I was wondering can we recover the fees we pd to refinance when we file our income tax?
2015-01-22 06:52:14 · answer #7 · answered by Sheila 1 · 0⤊ 0⤋
You will likely get an incorrect answer on here. I certainly wouldn't trust any answer because some people just guess and you don't know which ones do and which don't. Get an official answer...call the Internal Revenue Service.
2007-02-01 16:22:10 · answer #8 · answered by J Somethingorother 6 · 0⤊ 2⤋
Lucky you I don't know if you need to claim your housebut you can go and ask a accounted that question they can sure help you out sorry.
2007-02-01 16:21:19 · answer #9 · answered by j13 3 · 0⤊ 1⤋
YES YOU CAN. I JUST WENT TO GET MY TAXES DONE AND CLAIMED THEM BOTH BUT YOU DO HAVE TO BE A FULL TIME STUDENT TO DO THIS... IM IN INDIANAPOLIS INDIANA
2007-02-01 16:22:09 · answer #10 · answered by Matthew 2 · 0⤊ 1⤋