Can I claim damaged trees on my federal income tax?
Answers: If the trees are a source of income, sure.
You might be able to claim a casualty loss, but you would have to have a valuation of the trees before the loss and after the loss. The general decrease in your property would not be acceptable documentation.
If you paid to have your landscaping done, and pay to have it restored, those expenses may be acceptable documentation for casualty loss purposes.
Your casualty loss is limited to the amount of the loss, minus $100, minus 10% of your adjusted gross income. This amount is added to your other Schedule A items and would be a benefit only if your Schedule A items exceed your standard deduction.
Tax incentive thingy?
A couple of weeks ago, some one told me Bush was signing a bill to donate every tax payer close to $600. Is that true, nd if so, what is going on with it?(Has it be signed? Please explain!)Answers: The bill is currently in the Senate and is expected to go beyond in some form by Feb 15.
Under the jargon of House Tax Rebate bill, individual taxpayers would get up to $600 surrounded by rebates. Those who sort at least $3,000 but don't pay cheque taxes would get $300 rebate.
The amount of the proposed rebate depends on how much taxes you paid on your 2007 return. If you are single, you would be eligible to receive a rebate of up to $600 if you remunerated that much in Federal Income Tax. If you solitary paid $350 within taxes (less than the $600 rebate limit), you only acquire back $350.
If you have over $3000 in income, you would qualify for at smallest the $300 minimum.
Click on the referenced site below for more info.
Nothing has passed Congress on the other hand, so everything is subject to change.
Not nonetheless. It will be voted on soon in the senate.
The House of Representatives lately passed a bill that would provide tax rebate to approximately 111 million households as part of a $150 billion monetary stimulus effort -- including $100 billion within one-time tax rebate to individual taxpayers.
This includes a tax rebate of up to $600 for individuals and $1,200 for married couples beside an additional $300 per child. That way a family of four would receive $1,800 below the House bill.
The bill now go to the Senate, where they are potential to make change.
Under the current Senate version, adjectives Americans would receive a $500 to $1,000 rebate as long as they earned a minimum of $3,000 second year.
The way it is immediately, if you work part-time somewhere, or may be you worked full time for a few months, one may seize $300. Looks like if you're on social guarantee, you will receive nothing. If you are drawing job loss, you may get something. They are still hammering it out. Nothing on the IRS website, except this. Share near your friends and loved ones. Not all know.
Just say "final details unavailable". Here's the latest:
It is an see year. The tax rebate will be approved and we should receive the check more or less June, 2008.
Should I get a large refund if I have alot of mortgage interest to deduct?
Answers: It is impossible to answer your question based on the minimal information you provided.
I would use the word 'larger' rather than 'large' refund. the reason being what you get back depends first on how much has been withheld from your paychecks. BUT the answer to your question (with the word 'larger refund' in it) is YES. the more interest you paid more refund you get.
http://www.ehow.com/how_2150574_file-tax...
Merely paying a lot of mortgage interest does not guarantee you a large refund. In fact, it doesn't guarantee you a refund at all.
Would need to know ALL of the details of your tax situation to give you any kind of estimate of what you're looking at, refund or otherwise.
Not necessarily. It depends on too many other things that you don't say in your question.