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

Ty asked:


I have had A LOT of changes this yr, left jobs got new ones, moved out of state, full time in school still, bought a new vehicle on my own (no cosigner,) and looking to buy a house and refinance that auto loan, plus now Im an independent (I think-turning 24 on may 11th 2008)….. so do you think the box, the web, or the tax preparers are the best shot?
lots of job interview deductions, anything big I might be missing?

refinance online

evol asked:


I checked my online Banking in the morning, and it said I had more than enough money to cover my bills etc.. I wasn’t worried.. When I got home I double checked it to make sure, and it said I had $29.00…
It had a Garnishment fee for 100$ and another withdrawl for over 600$… I called the bank.. they didn’t tell me much except it was linked to Minneapolis Minnesota Collections Revenue.. About a month ago I got a letter saying MN revenue took my federal return to pay part of my student loan.. I was okay with that.. I received my state loan, and have payments set up to automatically come out of my checking FOR my student loan.. I finally got through to someone @ MN revenue and she said they sent out a letter a year ago (I asked what the address was and she said one that I haven’t been living at in over 2-3 years) I never got the letter… And since they heard no reply They thought i was ignoring it… My account is now going negative as all my checks are trying to clear.. rent.. car loan insurance.. everything. What can I do??? I need that money they took w/o prior notice.

online home loan

lhrf1 asked:


Couple owns home as JTROS and will file seperately - both fed and State.

home mortgage