I bought a house in 2007. Can I deduct closing costs on my federal tax return?
Answers: no, the only thing you can deduct is mortgage interest, points and real estate taxes that you paid for the house in 2007.
No closing costs are not deductible, but part of them are. Points are deductible. Points are prepaid interest you pay up front, at closing to get a lower interest rate over the life of the loan. You use to be able to deduct the total amount of points when paid (at closing). However, now you have to deduct them over the life of the loan. For example, if you paid $3,000 in points at closing and you have a 30 year mortgage, can get deduct $100 per year for 30 years as interest on you federal tax return.
You can also deduct any property taxes, if any, you paid at closing. But other closing costs like legal fees are not deductible.
Can I claim taxes on my LA fitness monthly membership fees?
Answers: No.
You cannot include in medical expenses health club dues, or amounts paid to improve one's general health or to relieve physical or mental discomfort not related to a particular medical condition.
You cannot include in medical expenses the cost of membership in any club organized for business, pleasure, recreation, or other social purpose.
Publication 502
http://www.irs.gov/publications/p502/ind...
I honestly believe that you can't do this.
Good luck.
No.
Filing later years taxes?
My sister has newly informed me that she did her taxes last year but never file them. She has a reimbursement of almost $2500.00 coming. Can she just travel ahead and send this surrounded by along with her import tax forms this year or is there anything special she have to do. With this years refund she is also getting subsidise almost the same amount. And why wouldn't the IRS own contacted her about this. If she have owed they would have sent her a message. What is the difference? Also will she be penalized any?Answers: The IRS doesn't quickly contact people when they abandon to file. Sometimes it take a few years for them to catch up beside you, whether you owe them or they owe you a refund. She should report her 2006 taxes, and her 2007, but she shouldn't send them together.
If she owes them from 2006, nearby will be a penalty and interest, but if she have a refund coming, at hand won't be any penalty or interest.
She should transport it in separately from this year's return. But she'll still attain her refund, and not be penalize for being deferred.