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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I am a homeowner and i pay taxes on my home. Is there a tax

Resolved Question:

I am a homeowner and i pay taxes on my home. Is there a tax credit i can claim for that
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

LEV :

Hi and welcome to Just Answer!
Yes - you may deduct real estate taxes you pay for your property.
To do so - you need to itemize your deductions - use schedule A - www.irs.gov/pub/irs-pdf/f1040sa.pdf

LEV :

Real estate taxes are reported on line 6.
Let me know if you need any help or clarification.

Customer:

what about student loan payments for my daugther?

LEV :

If you pay student loans for your dependent - you may deduct the interest. You should receive a Form 1098-E, Student Loan Interest Statement, from the entity to which you paid the student loan interest.
It is reported on the form 1040, line 33 - http://www.irs.gov/pub/irs-pdf/f1040.pdf
Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid. You can claim the deduction if all of the following apply:



  • You paid interest on a qualified student loan in tax year 2010

  • You are legally obligated to pay interest on a qualified student loan

  • Your filing status is not married filing separately

  • Your modified adjusted gross income is less than a specified amount which is set annually, and

  • You and your spouse, if filing jointly, cannot be claimed as dependents on someone else's return

Customer:

i didn't claim my daugther as a dependant she has filed on her own. i recieved the 1098t. can that be used

LEV :

There is a limit on modified adjusted gross income (MAGI) for Student Loan Interest Deduction - $150,000 if married filing a joint return; $75,000 if single, head of household, or qualifying widow(er).

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22957
Experience: Taxes, Immigration, Labor Relations
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Lev
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Taxes, Immigration, Labor Relations