can you deduct inprovements to your home you made in tax year 2005?
463291
Home improvements are NOT tax deductible, ever.  The only time they matter is if you sell your home, and only then if your gain on the sale exceeds the current $250,000 individual/$500,000 married couple gain exemption...in which case the cost of improvements would be added to the original cost basis of your home, and then only the difference between THAT total (LESS the $250K/$500K exemption) and the ultimate sales price you received would be taxed.\n\nThere is talk of the IRS doing away with that $250K/$500K gain exemption...so hang onto your receipts and records...because if that happens, you may need them later to help with taxes when you sell your home.
470879
Points, mortage interest and real estate taxes are deductible and should be reported to you by your mortgage company.\n\nFees such as document processing fees are not deductible, but you are able to add them to your basis if you have a capital gain on the sale of your house.  I would not worry too much about computing the basis of your house purchase(since there is a 250/500 K exclusion), but I would keep the documentation so I had it just in case you need to compute it.\n\nHOA fees might be included in your closing costs and are never deductible(or added to the deduction) because it is an expense for your benefit.
163683
I myself asked about the same questions I have been told threw other places if you lived together threw the whole year of 2005 that he can! But please check into that call a tax place and see thats what Im going do!
446719
401(k) have a maximum amount of contribution so you would have to check what is that amount. And Im not sure if you can contribute a lump sum. I know that if you have a traditional IRA, you have until April to put in any last minute contributions for 2005, so probably the same can be done.\n\nAs for legal ways to reduce your tax, I mean if you itemized and have your own property, you can deduct the real estate taxes and mortgage interest paid in the property. Also you can deduct medical expenses, charitable contributions, union dues, tax preparation fees, unreimbursed employee expenses. If you live in state where there is a sales tax, you can deduct such amount either by entering the exact value of sales tax you paid or using the IRS tables to calculate an amount. Also if you recently bought any vehicle or boat in 2005, you can also deduct the sales tax on that purchase. \n\nWhat else, oh yeah, if you live in area that was affected by the hurricanes, an area that has been designated by the IRS as a disaster area, you can take other several deductions that can help you out. \n\nIf you have any student loans, you can deduct the interest on those loans. Or if you still go to school, you can deduct the tuition expense.\n\nIf I knew a bit more info on you I could probably help you out more.\n\nHope this helps!
657333
Generally you can't deduct the expenses related to purchasing a house, except any points paid.  The extra expenses would be added to your basis (the book value of the property cost+expenses-selling costs) of the house.  You should be able to take a loan from your 401(k) without penalty, you just have to make the payments to the 401(k).
829116
The following is copied from an IRS FAQ.  I believe it is sufficiently close to you question to serve as an answer.\n\nIs interest on a home equity line of credit deductible as a second mortgage?\n\nYou may deduct home equity debt interest, as an itemized deduction, if you are legally liable to pay the interest, pay the interest in the tax year, secure the debt with your home, and do not exceed certain limitations. For more information, refer to Publication 936, Home Mortgage Interest Deduction; and Tax Topic 505, Interest Expense.
278666
The amount that you paid to IRS for audited 2003 return has no effect on your deductions that you claim for 2005.  Federal taxes paid by indiviuals are NOT an itemized deduction.  Make sure you claim ALL your income for 2005 including self employment income and refrain from taking illegal deductions or puffing up the numbers on the legal deductions.  Once IRS knows they had a successful audit against you(you ended up owing them money)they may come calling in future years.
1170442
You have to pay taxes on gains over 250K for an individual or 500K in your case. In calculation of the gains you can also deduct all the improvements you made.\n\nYou do not have to pay any taxes if you lived in the house for over two out of five years prior to it's sale and your gains are less then stated above. So, sell now, and good luck.
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.
149648
You can deduct 2004 taxes on your 2004 return -- if you itemize your deductions.
409643
Property taxes and mortgage interest payments are tax deductible. If you have an office in your house that meets the federal requirements (discuss with your accountant), you can figure out the square footage of the office compared with the total square footage of the home and you can take that percentage of the cost of utilities, repairs, etc. off your taxes.
728502
If you are a US resident, living and selling a property in the US, you have one year from the date of sale to buy another, more expensive property, to avoid capital gains taxes.
206419
you can deduct it on your tax return\n\ngo to www.irs.gov for tax laws and information.
31570
Yes you can. Check with a financial planner and or an accountant though. Depending on your income you may not qualify for a deductible ira or a roth ira.
94745
Not if it was your primary residence.\nIf it was rental property then you have to declare the gain.\n$10,000 - basis (what you paid for it) + depreciation (basis/27.5 * # of years rented)\nIf it was a second home, talk to a tax pro (not HR Block or another chain)\n\nDick
70859
one major deduction that is not used very often requires planning.  you can decide that you want to pay upfront for many of your medical expenses, such as prescriptions and eye wear all in one year and not in the next or vice versa.  it's too late to do anything about it for 2005 taxes, but you can think about it for 2006.  pay real estate taxes early, donate to charity, pay medical and dental and eye care in full throughout the year and don't let anything carry over.  hope this helps.
334889
Every filer is allowed one exemption for themselves and one for each member of their immediate family (i.e. spouse and children).  For 2005, each exemption was worth $3,200 and it is deducted from your Adjusted Gross Income.  You do not need to itemize in order to take advantage of this.\n\nThis deduction was actually added to the tax code way back when for the benefit of one senator who had a large family.