Posts tagged deductible

Are the maintenance fees paid for a vacation ownership(timeshare) deductible on your taxes?

1
1 year ago
by admin in

Question : Are the maintenance fees paid for a vacation ownership(timeshare) deductible on your taxes?
If they are deductible, where do you enter it?
vacation ownership

Best answer:

Answer by singledad
no they aren’t, only the interest paid for a primary residence is tax deductible

if u have a fire in rented property and u don,t have insurance r u required 2 4 damage or the deductible?

1
1 year ago
by admin in

Question : if u have a fire in rented property and u don,t have insurance r u required 2 4 damage or the deductible?
the fire was caused by a clothes dryer my clothes dryer . It was in the basement the landlord charged me 4 damage and smoke damage but never touch the main floor of the house no paint nothing . he replaced all the windows in the basement had them all cemented up. painted the basrment and replaced 2 door .
rented property insurance

Best answer:

Answer by CSUflyer
Unless you have your own renters insurance, the insurance on the property is to protect the landlord. If he files a claim he may have to pay the deductible but then could come sue you for damages, as could the insurance company for the part that they are stuck with. If it’s a lot of damage, get a lawyer. Also get EVERYTHING in writing. Keep all records of any additional payments you may make to the landlord for damages but most of all, get legal advice. Good luck!

I am a texas realtor, i work from my house, what home expenses are tax deductible? e.g. internet, light? etc..?

3
1 year ago
by admin in

Question : I am a texas realtor, i work from my house, what home expenses are tax deductible? e.g. internet, light? etc..?
I am a Texas Realtor, I work under a broker but from my own home. I know that realtor fees, advertisements, home office supplies and cell phone are deductible, but what about other services used for the business? I have to use internet for my job and electricity, would these services be tax deductible. What about gas and car services? Any professional advice would surely be appreciated!
realtor supplies

Best answer:

Answer by Predatorprey
I am no tax expert…
But I think you can only deduct expenses if they are solely used for business.

For example, you have a room in your house that you use only for business and not for personal. Otherwise you cannot deduct.

Correct me if i’m wrong.

Is a Home Equity Line of Credit or Home Equity Loan used to buy a second home tax deductible beyond $100,000?

0
1 year ago
by admin in

Question : Is a Home Equity Line of Credit or Home Equity Loan used to buy a second home tax deductible beyond 0,000?
Would a Home Equity Line of Credit or loan used to buy a home be considered a Home Aquisition Debt instead of a Home Equity Debt?
home equity line of credit

Best answer:

Answer by bostonianinmo
For HELO interest on principal beyond $ 100k to be deductible, the proceeds must be plowed back into the property pledged as security. If it’s used for any other purpose, the interest on the amount of the loan over $ 100k is non-deductible. To be considered as acquisition debt, the property acquired must be the security for the loan.

Is the home warranty on my rental considered an expense? Tax deductible?

1
1 year ago
by admin in

Question : Is the home warranty on my rental considered an expense? Tax deductible?
I have a 3 unit rental and I pay monthly for my a home warranty. For taxes can I write this off as an expense? How about the deductible payments that I use when its time for repairs? Any advise would help. Thanks!
Thanks so much Age of Reason. I agree, I am going to have a pro do it starting this year.
Thanks Tro
home warranty

Best answer:

Answer by tro
just like insurance

Personal Financial Advice : Is a Home Equity Line of Credit Tax Deductible?

0
1 year ago
by admin in

home equity line


A home equity line of credit, known as a HELOC, is absolutely tax deductible, as Congress passed an act regarding the deductibility of mortgages. Learn about home equity lines of credit withinformation from a registered financial consultant in this free video on personal finance. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC

Credit Cards & Personal Loans : Are Home Improvement Loans Tax Deductible?

0
1 year ago
by admin in

home improvement financing


Home improvement loan interest is almost always tax deductible if the home is a primary residence. Consult with a tax attorney to work out the details of loan tax deductions with tips from a financial adviser in this free video on homeloans. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz

What deductible should I chose for renters insurance?

5
1 year ago
by admin in

Question : What deductible should I chose for renters insurance?
I ran a quote for renters insurance thru my bank. They also had a little section where you can build your own quote. One of the catagories I can adjust is the deductible. I went with the lowest amount ($ 100). Is this ok? My bank had it set to $ 250. Is there anything wrong with getting the lowest deductible? I recalculated everything with the $ 100 deductible, and the premium didnt change really. Is $ 100 ok?
building insurance quote

Best answer:

Answer by src50
It’s whatever you’re comfortable with. The lower the deductible, the higher the premium.

Florida eyes deductible finance line.(mandatory financial arrangements for high-deductible homeowners insurance): An article from: National Underwriter Property & Casualty-Risk & Benefits Management

0
1 year ago
by admin in

This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on November 27, 1995. The length of the article is 645 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Florida might institute mandatory financial arrangements for consumers with high-deductible homeowners insurance in order to make such policies more viable. The proposal is attributed to the fact that the state has a low insurance capacity for homeowners policies and that coverage is costly. Insurers have also found that policyholders often cannot afford the first round of liability if disaster strikes.

Citation Details
Title: Florida eyes deductible finance line.(mandatory financial arrangements for high-deductible homeowners insurance)
Author: L. H. Otis
Publication: National Underwriter Property & Casualty-Risk & Benefits Management (Magazine/Journal)
Date: November 27, 1995
Publisher: The National Underwriter Company
Issue: n48 Page: p1(2)

Distributed by Thomson Gale

List Price: $ 5.95

Price: $ 5.95

Is interest paid on a home equity loan tax deductible?

3
1 year ago
by admin in

Question : Is interest paid on a home equity loan tax deductible?
Assume the finds are used for home improvement in the state of Texas.
texas home equity loan

Best answer:

Answer by Great Scott
Generally not.

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