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Answers (4)
- Pasadenan
- Contributions:21466
Jose -
Not only did you resurrect a thread that was 1.5 years since last posted to, and almost 2 years since the question was asked, but your answer was blatantly false.
I suggest you at least start filling out your own tax forms before you start practicing tax consulting without a license.
For the majority of home owners in the U.S. the standard deduction exceeds the amount of their possible itemized deductions on Schedule A, thus they are losing money if they itemize the mortgage deduction. And as a large percentage are in the 10% tax bracket after adjustments, that would mean the owner is paying 100% of the interest up to the standard deduction per year, plus 90% of the remaining interest. 10% of $20 is no way every considered "the government is paying you to own".
And "business expenses" are not a "write off", they are a "business expense". Nobody goes into business to have expenses exceed their business income. And that expense and income would go on a schedule E if only 1 to 3 rentals, and on a schedule C if doing rentals as a business, not on a schedule "A" for "itemized deductions".
For the correct information, call 1(800)tax-1040
Call one eight hundred, eight 2 nine, 1040, IRS
Or visit them on their website:
www.irs.gov
Not only did you resurrect a thread that was 1.5 years since last posted to, and almost 2 years since the question was asked, but your answer was blatantly false.
I suggest you at least start filling out your own tax forms before you start practicing tax consulting without a license.
For the majority of home owners in the U.S. the standard deduction exceeds the amount of their possible itemized deductions on Schedule A, thus they are losing money if they itemize the mortgage deduction. And as a large percentage are in the 10% tax bracket after adjustments, that would mean the owner is paying 100% of the interest up to the standard deduction per year, plus 90% of the remaining interest. 10% of $20 is no way every considered "the government is paying you to own".
And "business expenses" are not a "write off", they are a "business expense". Nobody goes into business to have expenses exceed their business income. And that expense and income would go on a schedule E if only 1 to 3 rentals, and on a schedule C if doing rentals as a business, not on a schedule "A" for "itemized deductions".
For the correct information, call 1(800)tax-1040
Call one eight hundred, eight 2 nine, 1040, IRS
Or visit them on their website:
www.irs.gov
- Jose Smith Jr, "LB HB REALTOR"
- Contributions:140
Connie provided a wonderful answer and so did Rita. Renatals allow the write off, principle residence does not. However, there are wonderful write offs with interest on your loan and property taxes. During the first few years of the loan a greater contribution of your monthly payment pays down the interest as opposed to principle. Therefore, you will benefit from greater write off's during the first few years. Home Ownership. Goodness, the Govt. is paying you to own!
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
the items in an hoa fee are gardening, exterior maintiance, roofing, pool up keep ... things like that ... you aren't allowed to write those items off on you single family residence.. but still pay of them... and as stated if this is paid for a rental... you can then write off everything against the rents...
- Rita Strickroth, "RitatheRealtor"
- Contributions:8
You can write off HOA dues if your property is a rental or investment property... not considered your principal residence.
can you write off HOA fees in California?
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