How much money can I stockpile on my taxes have a hobby dairy farm?
I bought and old dairy cattle farm last June and I enjoy a couple animals. I new to file taxes for a farm and how much can you gather using farm tariff and what forms do I need and what do I obligation to look for? I also bought a tractor and a truck can use those for farm duty write off? Any tips will be positive. thanksAnswers: considering how much money it take to fix up and run an old fish farm, fences, barns, waters, vet bills, which is never finish, it's amazing that there is any money gone over.
Anyway: Contact your Farm Service Agency in your county or (gasp) the IRS, the IRS have a form specific to farming. This form will stride you through what you can and can not use as deductions.
It adjectives depends, on the number of animals, the type of animal, and what you paid for them.
Farm animals depreciate similar to cars, and you can claim that depreciation - along next to any farm expenses - as a loss on your taxes. You must show that you are operating the grow as business.
However, you can only do this for 7 years. After 7 years, your fish farm is declared a "hobby" and no longer a tax writeoff, unless you can produce it turn a profit.
Generally, you'll need your average 1040, and consequently schedules A, B, and F to report with it. Some will also call for Schedule J. It all depends on your cattle farm.
None if it's a hobby - deductions are constrained to the amount of income you report from the hobby.
CAn i deduct from taxes a home equity line of credit?
Answers: You may be able to deduct the interest paid on the home equity line of credit. However, the line of credit itself is not deductible.
possibly
if you can provide proof you used the money on approved repairs on your home then yes.. but you better have good receipts
You can deduct the interest you paid on that loan.
Depends what you did with the money. Used to improve or maintain your main home, then yes. Used to buy BLING, take a vaction, do your hair and nails, and new furniture, then NO.
if you owe more on the home than it is worth, see IRS Publication 936 for instructions
if any part of the proceeds were used for any purpose other than home improvements, and
if the second mortgage exceeds $100,000 [married or single] or $50,000 [married filing separately], see Publication 936, or
if all of your mortgages together total more than $1 million [married or single], or $500,000 [married filing separately], see Publication 936.
otherwise, [total of mortgages do not exceed value of home AND either all proceeds were used for home improvements, or neither of the dollar limitations above apply], the amount of interest actually paid in 2007 is an itemizable deduction that can be reported on Schedule A.
Note: a refi has the same characteristics as the loan it replaces as long as you receive no cash in the refi deal. To the extent you do receive cash, it is treated as a new loan and you have to know where the proceeds went, etc.
For most people, interest on a home equity loan is deductible as mortgage interest if:
1. The amount of the home equity loans is less than $100,000 and
2. The amount of the home equity loan is less than the difference between the fair market value of your home and the acquisition debt on the home (usually this is your original mortgage).
There are a few other rare restrictions that I have omitted.
My gross income was 27,000 and I have a dependent, tax refund will be about how much? (live in NY)?
Answers: To little info. Email me with more info and I'll give you an estimate.
Child tax credit only gives 1,000 off your tax owed. The person above is thinking of Earn Income Tax Credit(EIC) that is a refundable credit that is around 993 for someone making 27k/year. If your child is under the age of 13 your refund will be whatever you paid in withholding plus 993, roughly.
and you paid what out in taxes??
your dependent is your own child?
Depends how you worked? Single with 1 dependent or 2 the dependent is yourself or a child? If you worked with more then 2 you may be introuble. ANyways Child Tax credit I believe is about $2800.00
how much did you pay in taxes?
Not enough information. Are you married? What is relationship of dependEnt, and did you provide their support. You may be able to get EIC if you're filing MFJ, Single or HOH with that income. What was your withholding? Figure it yourself with online calculators, or go to irs.gov, free efile (don't have to file it).