2007-10-25 10:18:20 · 5 answers · asked by alexis 1 in Business & Finance ➔ Taxes ➔ United States
Car interest cannot be deducted from anything.
Mortgage interest and real estate taxes can be deducted, but only if you itemize, not if you take the standard deduction.
Sales tax or state income tax, but not both, can be deducted, but only if you itemize, not if you take the standard deduction.
That your income is from an IRA does not affect whether you can deduct any of these things.
2007-10-25 10:34:17 · answer #1 · answered by StephenWeinstein 7 · 4⤊ 0⤋
Mortgage interest, property taxes and state taxes are itemized deductions and can be deducted regardless of your type of income.
Automobile interest hasn't been deductible since 1986.
2007-10-25 10:32:15 · answer #2 · answered by Wayne Z 7 · 5⤊ 0⤋
If you have enough deductions to itemize, you can itemize.
Mortgage interest and state and local taxes are allowable itemized deductions. Car interest is not deductible though.
2007-10-25 10:44:06 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
You can make your normal deductions even if your income is from an IRA.
Car interest is not deductable.
2007-10-25 10:41:17 · answer #4 · answered by Steve 6 · 3⤊ 0⤋
The loan tax deductions are designed to permit human beings beginning out to get a tax destroy in the initiating while that is greater probable they'll like it and the tax destroy turns into much less and much less as time is going on while theoretically they gained't like it. seem at an Amortization time table to verify what i'm speaking approximately. individually i think of that could be a plenty greater suitable thank you to shield enterprise than forcing banks to furnish loans to unqualified human beings as has been the norm for 4 or 5 years and contributed very much to the mess the economic device is in.
2016-11-09 11:19:49 · answer #5 · answered by moscovic 4 · 0⤊ 0⤋