Can I discount the interest compensated on a unpopulated lot I own?
I own a house, and obviously discount the interest paid from my annual income. However, I also own a untenanted residential lot in town, and settle about $4000 a year within interest on it. Can I deduct that as capably? I do not make any income on the property... it is purely a vacant lot that I plan to build my subsequent home on.Answers: No, the mortgage interest deduction is ONLY for your principal residence or a second HOME. A untenanted lot is not a home for purposes of the deduction. Once the home is complete THEN you can discount the interest.
Don't know who gave this a thumbs-down rating but this is straight from the instructions on Schedule A&B.
Always phone call the IRS number in the levy booklets for any FAQ. They know more than we do. Sometimes we don't understand in the order of filing taxes. You can dance to the IRS webesite for more information if you don't want to call.
Stocks and paying taxes?
Do you have to pay packet taxes on stocks that are still invested in a company?Answers: No you do not. You one and only pay taxes when you market your stocks. As long as your stocks are sitting in the story (company) there is no taxes to be made because really, even though your stock may be up, you havent sold and made any money on the other hand.
No taxes until the year you sell or they distribute something (IE dividends).
Can my husband claim his 15 yr ancient daughter as a dependent if she doesn't live near us BUT?
he pays $2,000 per month in child support, so he's paying for WAY more than partially of her support plus he pays all her medical.Answers: IRS Pub 501 covers that. For the noncustodial parent to claim the child as a dependent, one of the following requirements must be met:
"The custodial parent signs a written affirmation, discussed later, that he or she will not claim the child as a dependent for the year, and the noncustodial parent attaches this written speech to his or her return. (If the decree or agreement go into effect after 1984, see Divorce decree or separation agreement made after 1984, after that.) "
OR
"A pre-1985 decree of divorce or separate upkeep or written separation agreement that applies to 2007 states that the noncustodial parent can claim the child as a dependent, the decree or agreement be not changed after 1984 to say the noncustodial parent cannot claim the child as a dependent, and the noncustodial parent provides at most minuscule $600 for the child's support during the year. "
If he pays for more than half of what it take to support her, then justifiably she is his dependent and he can claim her as such.
The IRS doesn't care in the order of who she lives with or who have custody of her, they care almost who pays to support her.
If your aged mother lived in an ripened age home and you payed to keep her in attendance, or if you paid the greater amount to save her there, consequently she would be your dependent and you could claim her as such even though she wasn't in your prudence or lived with you. The same go for anyone else whom you might support, including a kid of yours.
Paying more than half of her support is NOT a requirement for the exemption claim for a Qualifying Child. This is a awfully widely held misconception but the law be changed several years ago as it applies to a Qualifying Child. The support requirement is that the child not pay more than partially the cost of her OWN support.
The law give the exemption to the custodial parent. The custodial parent is defined by that same law as the one beside whom the child lives for the most amount of time throughout the year.
The custodial parent can relinquish the exemption to the non-custodial parent by giving the non-custodial parent a signed Form 8332 or similar signed statement. The non-custodial parent MUST attach that form or statement to their tax return.
In some cases the divorce edict or support decree may specify which parent get the exemptions and when. IF the decree meet the strict language requirements laid out surrounded by Federal law (many do not) afterwards the non-custodial parent may take the exemption surrounded by the manner laid out within the decree and must attach copies of the first page of the edict and copies of the pages of the bill that include the relevant language on the exemption claim. If the motion does not meet the strict requirements laid out surrounded by Federal law, the IRS is required by ruling to ignore the ruling and award the exemption to the custodial parent.
I am not answering your question because I don't know almost that and it looks like you own some pretty good answers here. It is amazing how much child support inhabitants have to rate.including my husband. What this does is leave the door wide open open for moms to scuffle for more time for more money and turn the child against the father because if the child doesn't go beside the dad than dad pays astronomical amount of money.
How did your husbands support get up to $2,000? Ous is $1,000. and my husband make pretty good money and we don't see is child much?
Just remember the will not finishing forever she is 15years old you hold three years left..