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Tax deductible expenses

Started by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
1. A percentage of mortgage interest will be decudtible from your taxes if you itemize. True False 2. The percent amount decuctible depends on income bracket True False 3. Property tax amount is deductible IN FULL, 100%, when itemizing tax returns, regardeless of income bracket True False
Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

true, false, false

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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006

1) not if your mortgage is over 1M

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Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

not if your mortgage is over 1.1M actually, and then only the portion over 1.1 is not deductible.

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Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

property tax is not an eleigible deduction for AMT calculation pruposes, though mortgage interest paymenst are deductible for AMT

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Response by anonymous
over 18 years ago
Posts: 8501
Member since: Feb 2006

2 here, statements were vague. 3-5 are right. 1 depends on mortgage amount and 3 depends on AMT.

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