2007-04-12 05:12:08 · 9 answers · asked by Laura S 1 in Business & Finance ➔ Taxes ➔ United States
Hire a C.P.A they will get you more back then you will spend
2007-04-12 05:15:24 · answer #1 · answered by tacoma_fast_ball 3 · 0⤊ 2⤋
Closing costs are not deductible on your tax return. But make sure you check whether your HUD statement shows any pro-rated interest or property taxes. These are deductible on Schedule A.
Keep the closing statement. When you sell your home, a lot of the closing costs can be added to the basis of your home and thus reduce your capital gain. This is especially important if you live in an area where prices rise substantially and you exceed your tax-free limit on your capital gain on a principal residence ($250k if you're single, $500k if you're married). Check for the rules on http://www.irs.gov - you'll have to live there at least 2 years for the capital gain to be tax free.
2007-04-12 05:42:11 · answer #2 · answered by Bettina C 2 · 2⤊ 0⤋
repeating a prior answer you do not might desire to be 'registered' to record your self employment earnings which that's it is on sch C and probable SE, and likely expenses that are organisation suitable are claimed on the Sch C, no there is not any 'green' incentive while you're using recycled and used components, you very possibly are actually not paying something for them as you will possibly identifying to purchase new components to make your designs those time table are risk-free on your 1040 and once you have desperate your taxable earnings after reducing your AGI including your guy or woman exemption and classic(or itemized) deduction, there very probable is not any truthfully earnings tax however the se tax must be paid your withheld tax out of your W-2 wages might o.k. hide that, or consistent with probability extra suitable than adequate to have a reimbursement, there is a few EIC dilemma you would be eligible for and the Make artwork Pay credit will observe to boot
2016-10-21 23:08:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Interest and taxes paid are the only amounts you can write off from your closing costs. They go on schedule A, if you itemize. Commissions, inspection, and whatever else are not deductible.
2007-04-12 13:58:18 · answer #4 · answered by Lee 5 · 1⤊ 0⤋
Other than amounts paid for mortgage interest and real estate taxes, closing costs aren't deductible.
2007-04-12 13:06:46 · answer #5 · answered by Judy 7 · 1⤊ 0⤋
I don't remember closing cost (when buying a house) being tax deductible.
2007-04-12 05:14:45 · answer #6 · answered by kja63 7 · 0⤊ 0⤋
Closing what?
2007-04-12 05:13:59 · answer #7 · answered by Up your Maslow 4 · 0⤊ 0⤋
Send it to uncle SAM, but I do not know if he will let you this year over the prices he has got to pay out.
2007-04-12 05:19:26 · answer #8 · answered by ? 7 · 0⤊ 1⤋
You can't!! The only thing deductible is your interest.
2007-04-12 05:15:34 · answer #9 · answered by progunr 5 · 1⤊ 2⤋