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Tax Deduction Questions

What is tax deduction?

Tax deduction is the decrease of a person that pays taxes on an annual income that reduces the total of money used in figuring the tax that is due. Therefore, a tax deduction is break given by the Government. The tax deduction lessens taxes by an amount that is based upon the income bracket of the taxpayer. Tax deduction issues can often be confusing and lead to questions like the ones answered by Experts below.

If a couple lives in South Carolina can one of them partners claim personal property tax deductions on a house and the other claim a house in a different state?

The law in the state of South Carolina forbids you from claiming two different residences. The state law only offers property tax exemption and deductions for one legal residence owner. Married couples are not allowed to split and one claim the main residence and the other claim their other house.

When calculating the payment of child support what can be deducted off of from your income?

Payments for child support are based upon an individual’s net income. When the court is deciding the amount someone will be paying, the court will make sure that the net income that person is receiving is very accurate. What this means is when you are working for an employer, you will need to fill out a W-4 form. This form tells the employer how much tax is to be withheld from each check, so that your net income will be correct when you go to court.

Can an individual claim a tax deduction from his/her auto loan interest?

When pertaining to the qualifications for a tax deduction, there are only two types of interest that will apply. The first type of interest that is allowed is mortgage on a home loan. You are also allowed to claim this a tax deduction for interest paid if you have borrowed money from a business or stock investment. Claiming interest paid on credit cards or an auto loan is not considered to be a type of deductable tax.

Can someone claim uninsured damages on income taxes, if the Insurance Company refused to pay for the damages?

If your assets are not totally destroyed or stolen; or if they are considered as personal use in many cases you will have the option to settle on casualty loss. When making the decision to settle on casualty loss the individual will need to determine the reduction in fair market value of the property before and after the casualty. The best way of determining your market value is by an appraisal. Evaluate the reduction in the fair market value with your corrected basis in the property. The corrected basis is normally the cost of the property with the new changes. Normally an individual may subtract the costs they have acquired from the incident; also you may subtract any permanent loss to your property. So you might consider an exclusive appraisal to be done to resolve the amount loss.

Do you or someone you know have questions over income tax deductions, rental tax deductions or standard tax deductions? You may not know where to go for these answers. You can ask these and many more questions to the thousands of Experts who are available round the clock.
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