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Recent Ad Valorem questions

We have paid our property taxes and the interest on our home

We have paid our property taxes and the interest on our home for the last four years, our private mortgage holder says that since we entered into a 5 (five) year agreement on a rent to own basis for the house that we are not entitled to claim the interest paid on the mortgage nor are we able to claim the "Property Taxes" that we paid, they are more than $2400 per year. Is this TRUE?

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Robin D.

Vocational, Technical or Trade School

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I have been sued for delinquent taxes on items/property that

I have been sued for delinquent taxes on items/property that have no value. These items were rendered "useless" in 2010 as they could not be sold or donated. A city where these items remain now wants to impose and collect ad valorem taxes on property. What are my options?

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taxmanrog

Master's Degree

1,022 satisfied customers
Question to PD tax: can you review the tax types to be paid

question to PD tax: can you review the tax types to be paid on the sale of a rental property? which ones are deductible? which ones can be carried forward and for how long?

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PDtax

Owner

Master's Degree

7,370 satisfied customers
Which uses are 'exempt uses'? In Albuquerque New Mexico, my

Which uses are 'exempt uses'?In Albuquerque New Mexico, my IRS 501C3 (religious organization--25+ years good standing) has a 'property tax exemption [ad valorem] on our 'parsonage', (where, as pastor of a small church, I live with my family). The property remains exempt from these real estate taxes as long as the house is:1) Exempt owned (NM Non Profit Corporation owns the property)2) Exempt use (parsonage)We own another house which is now being used as a (NM Department of Health) licensed Elder Care/Hospice [for up to 8 clients, currently 3-4]Can an Elder Care/Hospice qualify as Exempt Use? Would it need to be 'religious' also? or denominational (Baptist, Methodist, ...or simply Christian? etc.)What types of uses might be 'exempt use' for NM property tax exemption???

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Dr. Fiona Chen

President

Ph.D.

816 satisfied customers
New question.My wife and l work . we have W2.1.

new question.My wife and l work for hospitals. we have W2.1. My income is 94.000 and my wife is 16.000. total = 110,000Based on this income how much exemption l will get. for me, my wife, and my 3 year, 7years old child and my dependent mother?2. Is the money l paid for car registration and insurance tax deductible?3. my mom medical and my family including myself have medical insurance but doesn't cover all expense. l paid out of pocket. can l claim that on my tax return?4. l have nurse license - l pay to renew it also l paid for mal-practice insurance can l claim that?5. we have union at work and l paid $1,175.00 is this tax claimable.6. After school l don't have someone to look after my boy and l send him to boys and girls club. l paid for that. Is this consider child careif so can l claim this on my tax return?

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
Perhaps a challenging one here... Various clients invested

Perhaps a challenging one here...Various clients invested in oil and gas domestic exploration partnerships over the past few years. Law allows immediate write-off of substantial portion of intangible drilling costs in year one. I think it's 90% for general partners and I'm comfortable with year one.This is unrelated to the drop in cost of oil the past few years...Any idea if/how further cost can be written off in year two and beyond?

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Lev

Retired

Bachelor's Degree Equivalent

24,196 satisfied customers
My husband and I had paid off our home loan and are retired

My husband and I had paid off our home loan and are retired however to help our son we took out cash equity home loan to pay for his condo. This was done because there was ongoing condo litigation requiring a new buyer to use a high interest rate from one particular bank for their new purchases. (This litigation is now resolved.) My son makes all pymts for the condo loan and lives there but we did buy as co owners. Now we want to buy an RV. We were told that an RV can have some taxes and other costs written off as a second home. This would be great as we are retirees for our finances. But are we still able to take advantage of this tax break since we are co owners of the condo?

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Lev

Retired

Bachelor's Degree Equivalent

24,196 satisfied customers
Sales Tax - FL : Please explain: if person has commercial property

Sales Tax - FL : Please explain: if person has commercial property and wants to rent it, he need to sales tax or not?If yes , he needs to register in Fl revenue department? Thank you

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Robin D.

Vocational, Technical or Trade School

22,430 satisfied customers
I am asking about any special forms I should fill out

I am asking about any special forms I should fill out for a single oil well I have invested in. Several years ago I invested $50,000 in an oil well. It produced oil and natural gas for several years, but is now shut-in. The gas lines connecting the wellare no longer working. There were no operating income or expense for 2014. There were ~$2,000 in "Re-work" expenses, given the following percentages Tangible Property 22.65% Intangible Costs 77.35% Non-deductible 0% This information was sent to the workinginterest owners this year "The Tangible Property is subject to depreciation. The property qualifies as both IRS Sec. 1245 and 38 property. This means the property will qualify for Sec. 179 Treatment if the investor meets the criteria for Sec. 179 treatment(deduction of up to $108,000 of qualifying property; this allowance is reduced dollar for dollar for all investment property over $430,000). The Intangible Drilling Costs are deductible in the current year 2013. These are the expendable parts of the completionprocess. They will not be subject to the Alternative Minimum Tax, unless they would have increased the Alternative Minimum Taxable Income by more than 40% had the tax preference been applicable."

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Lev

Retired

Bachelor's Degree Equivalent

24,196 satisfied customers
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