Single mom asked:


I’m a single mother with two dependents. I don’t own a home so I have no mortgage deductions. If they hire me I won’t have a lot of time to relocate so I’ll need to find a place to live really fast. I was going to do some advance apartment hunting just in case, but I have no idea what I can afford to lease since I don’t know what my take home pay would be.

fast mortgage

leeNdallas asked:


I am on an installment plan with the IRS and in good standing with about 14k outstanding and as I only bought the house last June and have not filed for 2008 yet, there is no a lien filed specifically against the house. I am guessing that may change after I file on 10/15 and take advantage of tax credts and deductions. Will I be turned down? Should I apply?”

refinance

GorillaMyke asked:


4 siblings inherited a house (trust). Now one sibling is buying the rest out with a loan. Do the siblings that are receiving a lump payment for their portion of the house have to pay taxes on this amount? What type of taxes? What can they do to prevent from having to pay that many taxes (reinvest within 30 days). Only serious answers please. Thanks in advance.

P.S. I don’t think capitol gains is an issue, because the mother just died, and there was no increase in value of the house since she died, and now.

pay day loan

Math asked:


The home in state of NJ, I am not sure if I can claim it or not, my dad is ok with it, since it is my loan, but it is his hause address and his name and SSN.

home loan

AG asked:


I know that student loan interest can be deducted.

My student loans are all either in deferment or forbearance. I’m accruing interest on some of them, but I haven’t actually paid any interest yet. Can I deduct the interest that accrued?

Thanks!

loans

Markarian asked:


I just found out I owe $7000 in taxes for last year, due to my income from my [now defunct] partnership being listed as a Guaranteed Payment instead of a passive, capital draw (loan from the company). I disagree, but getting the investor/partner to amend the K1 in my favor is unlikely, as poor records were kept and this K1 favors him as far as tax deductions go. And I’m probably not going to be able to fight him.

I’ve heard the IRS works with people in these cases. I’m 24, unemployed, don’t own a house, have $2,000 in credit card debt. I’ve got about $6,000 cash in hand, but I’m moving next month and half of it’ll be gone within 6 weeks. Do you think the IRS will settle with me? And how much, realistically, can I expect the IRS to knock off of that amount? How do I go about negotiating a settlement with the IRS after my return is filed so I don’t get penalized. Also, HR Block wants $408 to do my taxes? Is this excessive? Jackson Hewitt told me they couldn’t do it, period. Thanks!

settlement loan

fifty2weekhi asked:


Last year I was renting so a proportional amount of rent can be tax deductible. This year I bought a townhouse and paid in full. How do I make deduction on the home office space? Depreciation???

home mortgage

Agent 47 asked:


In my Student Loan accounts it says that I will be able to use a reportable tax interest form 1098E. Does that mean I can use my loan repayments as a tax credit or deductible? By the way, My loans are currently on Forbearance.

loans

Nolita asked:


If both spouses have asked for loans , does it make any difference to make a deduction if one or both are working after they graduate ?

loans

Claudia asked:


I would like to understand the tax benefits of buying a house a bit better and how to do the math.

If I get a 400.000 loan over 30 years at a 5% interest rate, then my monthly payments will be somewhere between $2100 and $2300 (based on online mortgage calculators).

I understand that the interest on the loan is tax deductible part. Can anyone help me figuring out how much money that would save me per year?

mortgage online