Comments on: Itemized vs. Standard Tax Deduction – Which One Should You Take?

By: Dot

Dot — Fri, 12 Apr 2013 18:39:59 +0000

Property tax?? I add my state’s to my mortage payment to credit union – as soon as I get property tax bill from state I send off to credit union for their configuration – I have never heard of “worked in” if it meant any other way

By: sponge84

sponge84 — Wed, 06 Mar 2013 16:04:06 +0000

My itemized deduction amount is larger than the standard deduction, but my refund amount remains the same regardless of the one I choose. Why is that?

By: Vivian Huerta

Vivian Huerta — Thu, 21 Feb 2013 17:30:29 +0000

I am renting my mom’s home. She asked me to pay the property tax this year. Can I use this as a deduction?

By: CC

CC — Wed, 13 Feb 2013 22:18:26 +0000

I got married halfway through 2012, should I file married filing separately or married filing jointly? Whats the difference?

By: conservative

conservative — Thu, 07 Feb 2013 17:52:57 +0000

WOW! Unemployement is something we pay into when we work. If you DONT work you cant get unemployement and you can only get unemployment if you’re fired or laid off and you’ve worked long enough. I’m a stay at home mom/student and I cant go get unemployment because I’ve never been fired I only quit. I’m not on welfare or any other government help. Before you attack people know your facts, its people like you that make true conservatives, like myself, look like morons with their heads stuck up their butts.

By: Polly

Polly — Thu, 07 Feb 2013 13:35:18 +0000

Is medical insurance counted as a medical expense such as medicare premiums and supplement insurance premiums whenever you itemize?

By: Jen

Jen — Sun, 27 Jan 2013 19:25:11 +0000

Hi, I have a child with development disabilities who attends a private special needs school where he receives speech therapy and occupational therapy and has classroom instruction by a special education teacher. May I deduct the school tuition and mileage under medical expenses? Thank you!

By: h wallace

h wallace — Sun, 27 Jan 2013 15:34:23 +0000

I am retired..and thinking of buying a home..the realtor said I can claim the mortgage int.credit on a 140,000 hm and my refund would be 2000 a yr on int of 3.5. Is that true?

By: Dawn

Dawn — Mon, 16 Apr 2012 02:43:31 +0000

Thank you so much for your help

By: TurboTaxLisa

TurboTaxLisa — Sun, 15 Apr 2012 05:14:42 +0000

Hi Dawn,
Your net rental income is the rental receipts less the portion of your mortgage related to interest reported on form 1098, your property taxes, maintenance, depreciation etc, but if you change from personal use to rental at anytime besides the first of the year, you have to split the deductions between personal and business use so your deductions for the rental will be based on the amount of time that it was a rental and not your principal residence. The portion of interest and property taxes related to your property being your principal residence has to go on your itemized deductions. TurboTax will guide you through these entries, but I suggest that you use Premier.
Thank you,
Lisa Greene-Lewis

By: Dawn

Dawn — Sat, 14 Apr 2012 12:15:20 +0000

we had to convert our home to a rental because of the housing market and relocating for employment. Is my net rental income calculated by subtracting the mortgage pmt. and other expenses from the collected rent? Is yhay what is considered to be ” net rental income ” ? Thanks, Befuddled

By: TurboTaxLisa

TurboTaxLisa — Mon, 02 Apr 2012 03:55:03 +0000

Hi,
Thank you. Glad you like our site. Check back for more interesting topics.
Lisa Greene-Lewis

By: TurboTaxLisa

TurboTaxLisa — Mon, 02 Apr 2012 03:50:47 +0000

Hi J,
Yes you can deduct the amount paid for property taxes even if there are impounds.
Thank you,
Lisa Greene-Lewis

By: J

Sun, 01 Apr 2012 20:32:51 +0000

If our taxes are worked into our mortgage payment can I still claim our taxes on our house?

By: arsenal

arsenal — Fri, 30 Mar 2012 15:42:56 +0000

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By: Zero

Zero — Tue, 20 Mar 2012 17:57:53 +0000

Thanks Lisa

By: TurboTaxLisa

TurboTaxLisa — Sat, 17 Mar 2012 01:49:50 +0000

Hi,
Make sure you also go through the tax program and try to see if you qualify for earned income tax credit if you have not already done so since this is a refundable credit. You may get a bigger tax refund.

And yes that is most likely why you have 0 tax liability either way, but I would input the itemized deductions as the IRS receives a copy of your 1098 for the mortgage interest reported.

Thank you,
Lisa Greene-Lewis

By: Zero

Zero — Thu, 15 Mar 2012 22:43:36 +0000

Oh i wanted to clarify. The reason why I’m asking is that I do have a lot to itemize …property tax and mortgage int. rates etc. (roughly $15000)
but my income was very very low this year …less than the standard deduction.

By: Zero

Zero — Thu, 15 Mar 2012 22:37:39 +0000

I’m using turbo tax to do my taxes.
Whether I take the standard deduction or itemize, my tax liability is 0 for both state and federal returns. In this case, should I just take the standard deduction versus itemizing?

By: TurboTaxLisa

TurboTaxLisa — Thu, 08 Mar 2012 08:31:21 +0000

Hi Raymond,
Unfortunately the ability to deduct property taxes paid on your home as an additional standard deduction expired.
Thank you,
Lisa Greene-Lewis