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Did congress eliminate the mortgage interest income tax deduction

Income tax deductions

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Posted on Dec 04, 2014

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SOURCE: Is it correct that fees paid for children is allowed as deduction in income tax for salary person?

the tuition fees that an employee pays for first 2 children is allowed as deduction. You can refer to http://www.makemyreturns.com for details

Posted on Apr 01, 2013

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Is Business Loan Interest Tax Deductible?


Business loan interest can be considered a business cost and tax deductible with the aid of the Internal Revenue Service. You need to talk to a tax adviser to discuss about how this applies to your business.

Nov 07, 2016 | Computers & Internet

1 Answer

How to Make your New Car Tax Deductible using a Home Equity Loan?


If you have a business You can use it help with the income tax deductible Here you can't use your home as a shelter unless you use your car for your own business

Oct 20, 2016 | Cars & Trucks

2 Answers

My son has a student loan but I pay the loan can I claim the interest


Topic 456 - Student Loan Interest Deduction
You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid. It is subject to a phaseout, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.
You claim this deduction as an adjustment to income, so you do not need to itemize your deductions on Form 1040, Schedule A (PDF), Itemized Deductions.
You can claim the deduction if all of the following apply:
  • You paid interest on a qualified student loan in tax year 2015
  • You are legally obligated to pay interest on a qualified student loan
  • Your filing status is not married filing separately
  • Your MAGI is less than a specified amount which is set annually, and
  • You or your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
A qualified student loan is a loan you took out solely to pay qualified higher education expenses. See Publication 970, Tax Benefits for Education, and the Form 1040 Instructions (PDF) to determine if your expenses qualify.
If you file a Form 2555 (PDF), Foreign Earned Income, Form 2555-EZ (PDF), Foreign Earned Income Exclusion, or Form 4563 (PDF), Exclusion of Income for Bona Fide Residents of American Samoa, or if you exclude income from sources inside Puerto Rico, refer to Worksheet 4-1, Student Loan Interest Deduction Worksheet in Publication 970, instead of the worksheet in the Form 1040 Instructions.
If you paid $600 or more of interest on a qualified student loan during the year, you will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the entity to which you paid the student loan interest.
For more information about the student loan interest deduction and how your MAGI affects the deduction amount, refer to Publication 970.
More Tax Topic Categories

Page Last Reviewed or Updated: December 30, 2015

Jan 26, 2016 | The Computers & Internet

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IN CASE THE PASS-THROUGH ENTITY FILES A 4708 COMPOSITE RETURN VS. AN 1140 PRESERVATION RETURN, CAN THE INDIVIDUAL STILL TAKE ADVANTAGE OF THE SMALL BUSINESS INVESTOR INCOME DEDUCTION?


The entities selection of filing doesn't change up the individual's ability to accept Small Business Investor Earnings deduction. However, please be aware that the deduction may be stated by a person with an IT-1040 and might not be stated around the IT-4708 or IT-1140. As suggested for FAQ #5, a business might not claim the deduction.

Mar 20, 2015 | Individual Computers & Internet

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Does The Small Business Deduction Flow Right From School District Income Taxes?


No. The deduction won't change up the calculation of the taxpayer's school district tax liability. Rather, it will likely be added to taxed earnings for college district tax reasons. If you required the small business investor deduction on Plan A, line 41 of the 2014 Ohio form IT 1040 and also you live in a conventional tax base school district, you have to add some amount subtracted back online 18 of the 2014 Ohio SD 100.

Mar 19, 2015 | The Computers & Internet

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INTEREST SUMMARY FOR 2013 - ALL ACCOUNTS


Based on where the question was asked, is this interest the interest you paid on some purchase other than for a primary residence? OR, is it interest you received from a bank or other fiduciary institution? OR did you pay it on a mortgage?

Interest you received should be available in a call to the bank. - It is income usually showing on a 1099-INT form

Interest you paid on a mortgage could be a deduction - you need to get a form 1098 from the lender.

Credit card interest is just not deductible.

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For how many years can one claim deduction under section 10B and how to do it?


As per section 10B you can claim income tax benefits for 10yrs from the yr you have started production. For claiming this deduction you must provide report in form 56G - it can be downloaded from http://www.makemyreturns.com/blog/post/form-56g.aspx

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3 Answers

How to obtain deduction on earning in forex from tourists?


you can refer incometax act section 80HHD for this type of deduction

Jan 23, 2013 | Tops 1099 Miscellaneous Income Tax Forms...

3 Answers

I am NRI living in Australia. I receive interest on savings in India. Do I have to pay tax on this interest? Is tax filing in India applicable to me?


If the total income you are earning in India for the financial year is above exemption limit then you must file your taxes in India. For details on how to do this visit http://www.makemyreturns.com/income-tax-efiling/nri-taxation-services.aspx

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My father is NRI and he has saving in fd in banks. Bank is deducting tds for income tax on it, is ti correct?


The interest earned on the fixed deposits is considered as income and bank is required to deduct tds on it. If ur father's total income is less than exemption limit then he can submit form 15h and tds will not be cut. See http://www.makemyreturns.com/income-tax-efiling/nri-taxation-services.aspx for more details on how to avoid tds

Nov 30, 2012 | Cars & Trucks

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