any accountants out there that i can ask a question?

[Sport]

I'm going to be itemizing this year for the first time. Other than mortgage interest and charitable donations, what am I able to deduct ?

[henche]

I'm going to be itemizing this year for the first time. Other than mortgage interest and charitable donations, what am I able to deduct ?

I think the othwr biggie is state income tax?

[Sport]

I think the othwr biggie is state income tax?

Yeah I just saw that. I also saw that property taxes can be deducted, does that include school taxes ?  What about work related expenses ?  Someone told me they're also deductible, if that's true whats considered "workb related" traveling ? Parking?

[churnbabychurn]

Yeah I just saw that. I also saw that property taxes can be deducted, does that include school taxes ?  What about work related expenses ?  Someone told me they're also deductible, if that's true whats considered "workb related" traveling ? Parking?

Iirc it probably does not include school taxes  if they are separately assessed and are for a specific purpose.

Work related expense, are you an employee or business owner?

[Sport]

Iirc it probably does not include school taxes  if they are separately assessed and are for a specific purpose.

Work related expense, are you an employee or business owner?

What do you mean by "for a specific purpose"?
I'm an Employee.

[churnbabychurn]

I'm going to be itemizing this year for the first time. Other than mortgage interest and charitable donations, what am I able to deduct ?

Maybe heath insurance premiums that exceed 10% of income. - if paid with after tax dollars

[ckmk47]

Look at the schedule A form.
medical - can only deduct if your expenses are more than 10% of your (adjusted gross) income.
taxes paid -
mortgage interest -
charity -
Casualty and theft Losses -
job expenses that are more than 2% of income -


There are instructions that list the types of expenses that qualify.

[skyguy918]

This one is not as relevant because most people already cover it through dependent care FSA, but you can also deduct child care expenses. Obviously that doesn't apply to an off-the-books babysitter. But it does apply to nursery, preschool, etc for children younger than kindergarten age, and to before/after school care and summer camp for kids under 13.

[churnbabychurn]

What do you mean by "for a specific purpose"?

Actually they might be OK.. See this from pub 530

Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax. You can deduct the tax if it is assessed uniformly at a like rate on all real property throughout the community. The proceeds must be for general community or governmental purposes and not be a payment for a special privilege granted or service rendered to you.

Deductible Real Estate Taxes

.



Items You Cannot Deduct as Real Estate Taxes

The following items are not deductible as real estate taxes.

Charges for services.   An itemized charge for services to specific property or people is not a tax, even if the charge is paid to the taxing authority. You cannot deduct the charge as a real estate tax if it is:

A unit fee for the delivery of a service (such as a $5 fee charged for every 1,000 gallons of water you use),

A periodic charge for a residential service (such as a $20 per month or $240 annual fee charged for trash collection), or

A flat fee charged for a single service provided by your local government (such as a $30 charge for mowing your lawn because it had grown higher than permitted under a local ordinance).

[Sport]

Actually they might be OK.. See this from pub 530

Thanks, that would make a big diffrence,   my school taxes are like 85% of my property tax.

[churnbabychurn]

Thanks, that would make a big diffrence,   my school taxes are like 85% of my property tax.

But I would ask a local CPA to be sure...

[avrumy]

I want to sell off a lot of stock. iirc, if one has too much capital gains in one year it makes them ineligible for the earned income credit.
Is that true?
What is the amount?
(And is there a way around this?)

You can give the income to someone else and they will pay the tax on it which on a federal level should be 0 unless you are making over 70k and on state level will be a few bucks. Obviously you can pay the person the tax he has to pay. There is a form you fill out by Feb and send it to the IRS. Alot of accountants say to not send out the form and just do it without. I am talking from personal experience.

[Am]

How would I give the income to someone else when the buy and sell was under my name?

[churnbabychurn]

How would I give the income to someone else when the buy and sell was under my name?

It is supposed to be impossible to assign income.

[A3]

How would I give the income to someone else when the buy and sell was under my name?

Open a business, run it through there.. Give them a 1099

[MarkS]

How would I give the income to someone else when the buy and sell was under my name?

Before they're sold, gift the shares to someone else. He will assume your basis and will receive the gain when it's sold.

Be aware of possible gift tax ramifications although there's a $14,000 per person exclusion and 5.4 Mil lifetime exclusion...

[Am]

Open a business, run it through there.. Give them a 1099

It's very difficult to open a business brokerage account. Schwab told me that there is a ton of regulation so they only allow high net worth clients do it. Or If I have a personal relationship with a Schwab banker maybe they would do it for me.

[AtallD]

Before they're sold, gift the shares to someone else. He will assume your basis and will receive the gain when it's sold.

Be aware of possible gift tax ramifications although there's a $14,000 per person exclusion and 5.4 Mil lifetime exclusion...

or donate to charity

[avrumy]

How would I give the income to someone else when the buy and sell was under my name?

I believe form 1096 is the correct form. Again i am talking from experience as i personally did this. I will look later to make sure this is the correct form.

[yitzf]

Actually they might be OK.. See this from pub 530

This discussion was very bashert 

Just took REG today and luckily I knew about special assessments.

Thanks guys!