If I own my house what do I need to do to itemize on my taxes to get a larger refund.?
Answers: Read through the instructions for form 1040 schedule A - it will list the items you can use as itemized deductions.
You can deduct interest from a mortgage, a second mortgage, or a home equity loan. (Your lender should have sent you a 1098 form)
You can also deduct certain costs of home improvement.
You also can deduct property taxes.
Also new this year, you can deduct PMI if you pay any.
your Itemize have to be over standard deduction, I think just little above 12,000 good luck.
If file liquidation, can will our compensation be taken away by court?
My husband filed liquidation two months ago, and wondering if the gov. will take our rates refund. Does anyone know?Answers: It is possible and your BC will be sending you a claim form. They want to see what you find back and help yourself to a portion of it. I was allowed to preserve anything under 4500.00 total and they took the rest.
1099-MISC Payment to beneficiary of lifeless hand?
I cannot find an answer to this anywhere. But I received a 1099-MISC because my deceased husband's employer remunerated his bonus to him the year after his death. When they cut the check, I be told it wasn't to be taxed... but very soon I'm confused as to if I'm supposed to report this on my taxes? If so, will I be taxed on it? Any accountants out here know the rules? The tax rules are so complex that I don't know the answer myself.Answers: They mislead you.
There be no money withheld for taxes on the 1099-Misc, but isn't the same as man taxfree.
If the 1099-Misc is in your SSN, you put it on a 1040, column 21 as other income.
If the 1099-Misc is in your husband's SSN or the Estate's SSN, it go on a 1041. If it's small (Under $3000), you just enjoy the estate pay the income export tax. If it's large, you may want the estate to slip away the income through to you via a K-1. The estate's tax bracket starts at 15%.
IRS publication 559, page 9.