What Can You Write Off on Taxes if You're a Sub-Contractor? Personal Finance Tax Deductions for Investment Property If you have a room that doubles as a workout room and an office, you can't write off that space as a home office unless the room is clearly partitioned and each section...
Can I deduct the cost of a new computer on my taxes? frivas from Twitter asks: "Wonder if I can deduct the cost of a new computer from my taxes." Hi, I’m Megan Nearhoff and I work at TurboTax. The answer is: it depends. If you are using it more than...
Whether you can deduct tolls and mileage for your job depends on when you drove the miles and paid the tolls. According to the IRS, vehicle expenses cannot be incurred by driving from your residence to your job. Instead, business miles are those driven on company business, such as driving ...
These deductible payments can be either state or local income taxes or state or local property taxes. If the state or local government seizes your tax refund directly from another tax year, you can also deduct the amount of the refund as a payment of back taxes, so it’s important to ...
Can I deduct Obamacare on my taxes?John R. Graham
However, I wonder if the answer is different if (a) I make income from my dog and/or (b) the fact that I am deployed for long periods, which means I need someone to maintain the house, pay the bills, etc. -Julie, TX Hi Julie, I hope you and your pup are doing well. You ...
Private mortgage insurance (PMI):If your down payment is less than 20 percent of thehome’s purchase price, you will likely need to pay forPMI— but you might be allowed to deduct any PMI you pay. Property taxes:You can typically deduct your annualproperty taxes, as well as any portion...
Property taxes paid on additional homes can also be tax deductible, regardless of the number of homes you own. If you rent out your second home for 14 days or fewer during the year, the rental income is tax free, and you can deduct mortgage interest and property taxes according to ...
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