What are some unknown tax deductions? I mean, like we just had our house painted? Is that tax deductible?
Originally Posted by jugen
Yeah I'd like to know too. please?
How are you going to get taxed on your new house? Are you not escrowing the taxes? If anything you should get a huge rebate from the interest you pay this year. Also if you paid any points to buy down your rate.Originally Posted by jugen
I'm about to be hit with a huge tax at the end of the year because of our new house so any break I can get is worth it to me.
We just bought the house in May. Yes we are escrowing the taxes but the downpayment came from mom (in the form of stocks) and well the accountant says Uncle Sam wants a portion of it...Originally Posted by Cairo
How are you going to get taxed on your new house? Are you not escrowing the taxes? If anything you should get a huge rebate from the interest you pay this year. Also if you paid any points to buy down your rate.
Hmmm... Mom gifted us 20k. Can I take 11k off? That would be so nice. But I don't know about IA tax laws.Originally Posted by GailC
Did your mom gift the stocks to you??? Parents can give gifts to their children of up to $11K (or is it $12K)/yr.
Any time home renovations are done (interior/exterior) all receipts should be kept!! We have them broken down by room!! So when the house is put for sale you have the needed info.
If you need more specific tax questions pm and I'll ask my acct hubby!!
Originally Posted by kittylover4ever
What are some unknown tax deductions? I mean, like we just had our house painted? Is that tax deductible?
Only when you sell your house, as Gail said, so keep the receipts for then.Originally Posted by GailC
Any time home renovations are done (interior/exterior) all receipts should be kept!! We have them broken down by room!! So when the house is put for sale you have the needed info.
not only can you take $11K off u shuld be able to take the whole amount off. i think u can consider that an $10K gift to u and a $10K gift to ur DH.Originally Posted by jugen
Hmmm... Mom gifted us 20k. Can I take 11k off? That would be so nice. But I don't know about IA tax laws.
You may only have to pay the taxes on the earnings, not on the full amount, depending if it was a tax deferred plan or a mutual fund (or something similiar) that she invested in after taxes. Taxes on the earning would be much less than the full amount.Originally Posted by jugen
Hmmm... Mom gifted us 20k. Can I take 11k off? That would be so nice. But I don't know about IA tax laws.
Is mom on the deed? If so, then in my understanding of it, its not a gift... just her portion of the down payment.Originally Posted by jugen
We just bought the house in May. Yes we are escrowing the taxes but the downpayment came from mom (in the form of stocks) and well the accountant says Uncle Sam wants a portion of it...
My parents ran into this issue last year. They gave my husband and I a small downpayment for our condo, plus they gave us one of their old cars. To make sure they were able to deduct the full amount beyond the "per child" limit, they made the downpayment check out to me only and signed the car over to my husband only (not both of us jointly).Originally Posted by catgirl2548m
not only can you take $11K off u shuld be able to take the whole amount off. i think u can consider that an $10K gift to u and a $10K gift to ur DH.
at least i hope so, cause im now in need of some serious paretal gifting this year, lol.