I sold and purchased a home in 2005-however, I was not able to utilize deducting the interest or any other deductible because my CPA explained I have such a small taxable amount-my deductions wiped everything out. So, I didn't owe taxes-but received no refund. I should also mention my date of disablity is 2003 and I do not work. Does anyone know of any tax law(s) in reference to disabilities and mortgages?
2007-02-05 08:44:36 · 7 answers · asked by Toddeels 1 in Business & Finance ➔ Taxes ➔ United States
I too am on diability. Our wonderful governement has made it impossible to get a break if you are at the low income levels that make filing taxes unncesessary. They are too concerned with giving all the breaks to the rich SOB's - and to themselves. Far as I know, we are just screwed.
Contact your sentors office and explain your circumstancs. I doubt they could help you right now, but nothing changes if we don't point out the problems.
2007-02-05 08:51:57 · answer #1 · answered by been there done that 2 · 0⤊ 3⤋
You have no taxable income, you have no tax liability, you have no Earned Income. You paid no Taxes in, you don't get a refund of taxes and you don't qualify for any credits. though you might want to file a 1040EZ-T to get a refund On the Telephone Excise Tax if you have had long distance service in the last 3 years
http://www.irs.gov/newsroom/article/0,,id=164032,00.html
2007-02-05 16:50:53 · answer #2 · answered by Rob 7 · 0⤊ 0⤋
A refund is the return of taxes you paid over the amount you owe. You don't pay - so there's nothing to refund.
You aren't eligible for the earned income credit, where people do get money back that they didn't pay in, since you have no earned income, which means basically income from a job.
2007-02-05 16:50:52 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
If you dont pay any tax, you wont get a refund. You have to pay tax first. So if you file, and you paid nothing, no matter what you deduct, there is nothing to refund. And since you dont have any earned income, well, you are not going to get an earned income credit. Talk to your tax person, if you have a child, you might get some sort of child credit.
2007-02-05 17:59:46 · answer #4 · answered by Anonymous · 0⤊ 2⤋
Disability income is not taxed. You pay no taxes, so there's nothing to refund.
Since you have no taxable income, there's nothing to deduct your interest payments from.
2007-02-05 17:32:48 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Income tax means paying taxes on income not interest or taxes payed on property , be lucky you still have property to pay on , I lost everything 20 years ago to a disability
2007-02-05 16:52:10 · answer #6 · answered by BajaRick 5 · 1⤊ 1⤋
pay no taxes- why expect refunds?
2007-02-05 16:48:12 · answer #7 · answered by cork 7 · 0⤊ 1⤋