Are investment materials tax deductable?
371480
Yes.  You can deduct any investment-related expenses against the investment income you generate.  Use Schedule A.
751330
im assuming youre talking about the sales tax added to each monthly payment.  if so, you are NOT allowed to deduct this amount as an itemized deduction on schedule A.\n\nfor 2006 you are no longer allowed to deduct sales tax instead of state and local taxes paid.\n\nthe only taxes you are allowed to deduct are real estate taxes, state and local taxes paid and foreign tax.
812345
I'm just going off the top of my head here without looking anything up, so just use my answer as a guide and not fact.  (Because staring at the code is factual, but sometimes doesn't get you very far in thought.)\n\nThe rental property.  Chop this up into three components - land, building and personal property.\n\nLand, as you know, is not depreciable.  But it should be listed as a separate component of the sale.  \nThe building is depreciable, but will also be under an additional code section, 1250.\n\nThe general rule starts with section 1231 property.  Then, depending on what it is, it might ALSO be 1245 property or 1250 property.  But just to keep things simple, think 1245 = equipment and 1250=buildings.\n\nBoth 1245 and 1250 pretty much say this: When you sell the asset, the amount over adjusted basis, up to the extent of depreciation taken, is ordinary gain.\n\nFor example.  I bought a piece of equipment a few years back for 10,000.  Tuesday, when I sold it, it had a tax adjusted basis of 1,000 (10,000 historical value less 9,000 of accumulated tax depreciation taken).  I collected 5,000.  In this case, ALL of my 4,000 gain (5,000 sales price less 1,000 adjusted basis) will be ordinary income.  \nLet's say I sold it for 12,000.  9,000 of my gain would be ordinary and 3,000 capital gains.  \nNow I'm babbling.  But in a nutshell, you are recapturing the depreciation expense at ordinary, just like you took the expense (over time).\n1250 for buildings has something similar, but not many have that issue anymore (unless they were purchased over a decade ago or so).  There is some special additional tax on the gain or special rate.\nBut the losses are ordinary, thankfully.\nAnd I feel like I'm getting off track here, but I'm trying.  :)\n\nBut onto the land.  It depends.  And perhaps this is where saying more info is needed might help.\nIf this is a separate piece of land accounted for seperately and Mary can prove that she wasn't going to improve anything, then there might be support for the claim that it is a capital asset and the gains are capital.\nHowever, that would be really agressive to me considering it saysing "holding for future development" and if there has been anything substantial done to the property.\nIn short, you will want to check out code section 1237 for reference too although it doesn't exactly fit your problem.\n\nAnd last but not least, I'll clog this answer with an Explanation nabbed from my own stuff.  Good luck on your research and forgive me for such a lengthy answer.  Usually I hate stuffed answers.  Cheers!\n\nReal property produces capital gain or loss on its sale or exchange if it's a capital asset. The main reasons for the exclusion of real property from the capital asset category are (1) that it's property held by the taxpayer primarily for sale to customers in the ordinary course of his business, and (2) that it's real property used in his business. Code Sec. 1221(a)(1) , Code Sec. 1221(a)(2) . However, the sale or exchange of real property used in a business (including rental realty), or the involuntary conversion of such property or real property that is a capital asset, can produce a Code Sec. 1231 gain or loss. \n\nThe fact that real property is held primarily for sale to customers in the ordinary course of a taxpayer's business precludes it from being either a capital asset or a Code Sec. 1231 asset (business-use property). Code Sec. 1221(a)(1) ; Code Sec. 1231(b)(1)(B) . The factual question of whether real property was so held gave rise to intensive litigation. Cases decided under Code Sec. 1231 are covered as part of the question of what property is used in a business. Decisions delineating property that is a capital asset are covered in this subdivision. The special rules of Code Sec. 1237 , allow taxpayers other than C corporations to obtain limited capital gain as to property subdivided for sale under certain circumstance
1118886
In most places taxes and interest paid is deductable
165504
No......The only interest payments which are deductable are Mortgage types of interests and Home equity interests
1108740
It does not matter when you purchased it. You converted it from personal use to business use in 2006. Therefore, when deducting it as a business expense, you can only deduct it's fair market value at the time you converted it to business use, which had better be less than what you paid for it (since CPUs go down in price rather quickly). Be ready to prove the deduction in case IRS decides to check you out.\n\nAs mentioned above, you can use Section 179. All in all, unless you plan to hire a taxman, you should get acquainted with the IRS website and relevant publications.
381379
In the U.S., goodwill is no longer amortized under GAAP. It is subject to an annual impairment test. Goodwill amortization may be deductible for taxes depending on how it was created.
320199
You can not conceal the income because its recorded in Bank. The best way is the investment in certain specified things to take the deduction.\n\n     Avoiding tax by legal means should be though and not avoiding by all means which will put you more in problem because there is both penalty and prosecution mechanism under I T Act.
725173
First of all, 401(k) contributions and IRA contributions do not figure into itemized deductions.\n\nIf your joint income was over $85,000, you are not eligible to deduct anything for 2006 for an IRA contribution. Your participation in the 401(k) during the early part of the year cannot be undone. If your joint income is under $75,000, you may still make a deductible IRA contribution; and if it is over $75,000 but less than $85,000 the amount of the allowed deduction will be limited.
872943
The only thing you can deduct from your tax is probably your mortgage interest. Individual items in the closing statement may be deductible when you sell the house.
9424
Yes, if you can afford.  Bseides building up equity, you will also save money on your income tax become some  of the interest is deductible.
17861
Yes.  you will have to pay taxes on capital gains.  For more information on investment clubs, please visit: \n\nhttp://www.investmentclubhelp.com/
170964
20 years ago I had a Keogh that was drafted by my attorney that included provisions for borrowing a limited amount of money from the plan for a real estate investment. I don't know if the laws still allow for that. I do know that there are trustees that have flexible plans that let you do straight real estate investment.\n\ncheck this website.\nhttp://www.ekeogh.com/prohibited_transactions.html
1149299
Claim what?  You don't get any tax benefits just for owning a house.  But on your itemized deductions, there's slots for the mortgage interest and property taxes you've paid in the last year.  That, in most cases, is deductable.
939842
Do you mean a furnace in your own home?  That is not deductible currently.  however, if you make a large gain on the sale of the home ($500,000 if you are married filing jointly or $250,000 otherwise) it can form part of the basis.\n\nIf you are talking about rental property or in a property you use for business purposes it is a depreciable asset.
165091
No.  IRA's may not hold certain classes of assets and closely held corporations are one of them.  Likewise, if you happened to be the Chairman of IBM, you couldn't invest in that either.
80586
Unfortunately, no.  Education Expenses are tax-deductible, but only for college tuition and fees. This would include community colleges, universities, trade or vocational schools, and other accredited education programs following high school.