Should I itemize my deductions?
Can I claim housing, uniforms and meals and retirement plan as a U.S. army personell...
Generally the only time you would itemize deductions is if those deductions would surpass the standard deduction allowed. In most cases if you do not own real estate, it's difficult to have deductions that would qualify beyond the standard allowable. That's because when you own a home, you are able to deduct PMI, interest on the loan, real estate taxes you paid etc. This can add up to quite a lot.
BTW, none of those items you mentioned are deductible because all of these things are provided to you as benefits. These are essentially a part of your income, not your expenses.
Deductions are for qualified expenses you pay. Not for things you receive.
by Kelly Kline Burnett 7 years ago
My husband just asked and with all the many changes in the tax code I was uncertain.Can someone please advise or update us on the tax deductions associated with moving?
by ib radmasters 6 years ago
As the price of gasoline exceeds four dollars a gallon in the United State, shouldn't those costs of earning a wage be tax deductible?Is it fair for the government to not factor in the cost of how you have to get back and forth to work. Someone that makes ten dollars an hour and has to spend ten...
by Ben Evans 7 years ago
as the rest of the US economy is waiting for a reason to recover. Housing had a July 10 over July 09 plunge of 25.5 %.Unfortunately the real estate market was the preverbial tail waging the dog until its demise. I think we will have to find another catalyst to raise the market. It...
by Whitney 8 years ago
When those of you who get 1099's from affiliates do your taxes, do you write anything off?My new tax guy told me I could write off just about anything if I had something written about it... I'm not sure if that sounds right. What are the limits?
by REIMillions 7 years ago
There has been many assumptions of when the real estate market will take a turn for the better. If you had pin point an exact year of when that would be what year would you determine and why?
by ptosis 12 months ago
Chaffetz proposes $2500 housing stipend for members of Congress. The average salary for "washington, dc" ranges from approximately $11.85 per hour for Receptionist to $13.60 per hour. An hourly rate of $13.60 equates to a weekly pay of $544, monthly pay of $2,357, and an annual salary of...
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