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Recent Tax Rebate questions

I have a few questions. I own a unit in a co-op. 1) Can I

Hello. I have a few questions.I own a unit in a co-op.1) Can I deduct the the buildings ( recipient/lender )mortgage interest ( form 1098 ) on my tax return ( itemized deduction - schedule A) as payee/borrower?2) Do I need to include the annual NY real estate tax abatement I receive that is credited towards my monthly maintenance as income on my tax return?3) Do I need to include the annual cooperative real estate tax abatement ( STAR ) rebate that I receive as a credit towards my monthly maintenance as income on my tax return?4) I receive an annual notice from the Corp. with the $ amount per share allowable to shareholders for claiming a deduction for the Corp's real estate tax expense ( i.e. $5.00 per share x 500 shares =$ 2,500. ) Do I deduct the $2,500 on schedule A under real estate taxes?

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
What would occur if, although I pay my school and property

What would occur if , although I pay my school and property tax, I elect to pay the amount of the tax as of 2016, not any increase past that date. In effect, as a senior citizen, I am grandfathering my tax at a level I can afford.

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Mark Taylor

Certified Public Accountant

Masters

1,278 satisfied customers
An investment property that I had a mortgage on was

An investment property that I had a mortgage on was foreclosed in 2015. It was a house I'd purchased for my mother, who passed away. Not my primary residence. The 1099-A shows the Balance of Principal outstanding as $246,788, and the Fair Market Value of the Property as $407,802. Leaving a loss of $161,014. For my 2015 taxes, how do i show the loss? On Form 8949 (Sales and other Dispositions of Capital Assets) & Schedule D (Capital Gains & Losses)? ... OR ... On Schedule E, as a Loss on Rental Real Estate (although I didn't charge my mother rent) ...OR... somewhere else? It appears that using Schedule D will only allow me to report $1,500 of the huge loss (married filing separately).

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
How can I qualify rebate in 2016 under the 2015 tax law the

How can I qualify for tax rebate in 2016 under the 2015 tax law the Obama signed into law in November or December of last year .

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Mark Anderson

Attorney

Doctoral Degree

476 satisfied customers
I have been receiving SSDI benefits since late 2005. I was

I have been receiving SSDI benefits since late 2005. I was 51 years old when a determination of full disability was made, two years after I first applied for benefits. I turned 59 1/2 years old in March 2014, but have had to draw on my retirement annuity since 2006 to supplement my SSDI.I a penalty for early withdrawal was deducted by the firm managing the retirement fund. That penalty was initially 10% of each withdrawal. I also paid federal and state income taxes on the withdrawals. I often received back most of those taxes paid because of my low adjusted income and associated tax rate.As my age approached 59 1/2 the penalty paid to the fund management firm was reduced by 1% with each passing year. Again, I withheld amounts for Federal and State taxes on each withdrawal, though after the initial years I withheld a smaller % since most of it was coming back to me as a refund. I used tax software (typically TurboTax or TaxCut) to determine my taxes, always indicating that I was disabled and receiving SSDI as my primary income.In 2011 I moved from Minnesota to Wisconsin but the tax implications were minimal other than a loss of certain tax credits that had been available in Minnesota. (Homestead Property tax rebate/refund due to significantly lower income limits in Wisconsin.)In 2012 I purchased a home and withdrew a larger than typical amount from my retirement account to apply toward the down payment on the purchase. I also applied some funds from my IRA toward necessary repairs and energy-saving improvements. Again, I used TurboTax to prepare my tax return, and after applying various credits for energy saving improvements, and deductions for mortgage, property taxes and real-estate transaction fees from the purchase of the house. I paid several hundred dollars in federal and state taxes due.Now in 2016 I have received a letter from the State of Wisconsin Dept of Revenue saying that I owe a 10% federal tax penalty (and an additional 1/3 of the Federal amount for state tax penalties) on the early withdrawals from my IRA in 2012. This surprised me because I hadn't had to pay any additional penalties in previous years (to my knowledge) and I had paid the 2% penalty deducted at time of withdrawal by the fund management firm. I assumed that this was due to my disabled status.I am receiving conflicting information as to whether my disability status eliminates the tax penalty on early withdrawals. The fund management firm tells me that I may have to do so, though they aren't privy to the specifics of my tax return. If so, I don't understand why this liability only arose in my 2012 tax year. I also made a larger lump some withdrawal in 2008 to purchase a used vehicle, and no additional tax penalty was assessed (though I did pay a 6% early withdrawal penalty was deducted from the withdrawal by the fund management firm.)I was/am still confused about this early withdrawal penalty deducted by the fund management firm. I assumed this was related to any federal/state tax obligations, particularly since the tax preparation software didn't indicate any taxes due as an additional tax penalty.Recap: Key Questions1) Does my (full) disability status eliminate my liability for the additional tax penalty on early withdrawals?2) Am I likely to be liable for similar taxes in prior and subsequent tax years until I turned 59 1/2?The amount that I owe for the early withdrawal tax penalty, the late payment penalty and the associated interest is roughly 3x the amount of my total tax liability in any other year since my disability eligibility was determined. How many other "shoes" are likely to drop?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
President Obama signed a tax rebate bill in Dec.2015allowing

President Obama signed a tax rebate bill in Dec.2015allowing everyone to claim all types of rebates on purchases and other expenditures. What is the form no. neded to file for this??

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Anne

Master Tax Preparer

3,138 satisfied customers
I understand there is a tax rebate tax .

I understand there is a tax rebate for sales tax for 2015. Where do I claim the tax rebate?On what line? I bought a new vehicle and paid a lot of taxes in 2015.

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Robin D.

Vocational, Technical or Trade School

21,226 satisfied customers
What is the correct way to use a small business loss as a

what is the correct way to use a small business loss for 2014 as a deduction on 2015. Can you do it on schedule A line 28 under misc. deductions?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,772 satisfied customers
We put solar in & I know about the 30% Federal tax rebate

we put solar in & I know about the 30% Federal tax rebate but on our State tax it listed a special credit worksheet & it had a credit for solar energy & asked for an amount & on the form it lists a code that says 180. Our we allowed to take that credit also on top of the 30% from the Federal rebate

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Barbara

Enrolled Agent, Paralegal

5,150 satisfied customers
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