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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29934
Experience:  Taxes, Immigration, Labor Relations
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Is it possible thar I make so much that the following do not

Customer Question

Is it possible thar I make so much that the following do not make a difference in the total I owe the IRS without these expenses based on 1 dependent?
student education expenses to a foreign college of $16000
US college expenses of $4000
house property taxes $6000
student loans - $4000 interest
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Yes - it is possible that each of these expenses may be eliminated by high Adjusted Gross Income.To claim educational credit - wee IRS publication 970 30 - income limit for Student Loan Interest Deduction$160,000 if married filing a joint return;$80,000 if single, head of household, or qualifying widow(er).page 39 - same limit for Tuition and Fees Deductionpage 22 - ever lower limit on Lifetime Learning Credit$130,000 if married filling jointly;$65,000 if single, head of household, or qualifying widow(er).Regarding real estate taxes - there is no direct limit - but if you have larger income and subject to AMT - that deduction is not included into AMT calculations.Also - it is possible that your total itemized deduction is limited.Questions?
Customer: replied 1 year ago.
Expert:  Lev replied 1 year ago.
Please let me know your actual earnings - and I will help to verify eligibility fro tax benefits.
Expert:  Lev replied 1 year ago.
..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.