Sentences with phrase «do on your federal income tax return»

There's nothing special to do on your federal income tax return for this type of interest.

Not exact matches

About one - third of tax filers opt to itemize deductions on their federal income tax returns (figure 1), and virtually all who do itemize claim a deduction for state and local taxes paid.

Trump's plan to do away with state and local deductions on federal income tax returns would disproportionately affect New York residents that itemize their taxes, according to the state Comptroller's Office.

Of course, even if your lender doesn't send a 1099 - C to you, you still have to report any settled debt on your tax return under the designation «Other Income» on Federal Tax Form 10tax return under the designation «Other Income» on Federal Tax Form 10Tax Form 1040.

A taxpayer whose federal student loan is discharged under the closed school discharge process does not need to report the amount of the discharged loan in gross income on a federal income tax return.

On your federal return for 2016, you claimed the standard deduction rather than itemized deductions — meaning you didn't claim a deduction for state income taxes paid.

Because you didn't deduct state income taxes on your federal return, you didn't receive a «benefit» from the deduction (a deduction you didn't take!)

After - tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

My scenario isn't particularly «generous» — only a high wage earner would qualify for an $ 800,000 mortgage, and the interest paid on that mortgage, as well as the property tax, significantly exceeds the standard deduction, as does the state income tax likely paid by that wage earner (as an example, I pay tens of thousands of dollars in state income tax in California — all deductible from my federal tax return).

If you didn't deduct State income tax because you deducted State sales tax instead, then the State income tax refund is not taxable income on the Federal tax return.

While you are allowed a deduction on your federal income tax returns for state and local taxes paid, Vermont does not allow this deduction.

In the year of disposition the adjustment will be a subtraction for gain attributable to installment payments to be made in future taxable years provided that (i) the gain arises from an installment sale for which federal law does not permit the dealer to elect installment reporting of income, and (ii) the dealer elects installment treatment of the income for Virginia purposes on or before the due date prescribed by law for filing the taxpayer's income tax return.

Now that you've done your due diligence, it's time to claim your charitable contribution on your federal income tax return.

The information was discovered after the racetrack owner deducted the stock value from her federal income tax returns, based on her belief that the payoff was a necessary expense to do business in Illinois.

Generally, for federal income tax purposes, life insurance proceeds due to the death of the insured are not taxable and don't even have to be reported on a federal income tax return.

Multiple tax returns aren't the only IRS - related problem victims of ID theft may encounter; according to the Federal Trade Commission, another warning sign is if the IRS questions reported income on your tax return from an employer you don't work for.

• Federal & New York State income tax return filing status: can now file «married» and it entitles them to the marital deduction • Recognized for estate and gift tax; applies even if the couple lives in a jurisdiction that doesn't recognize same - sex marriage; Same - sex married couples can transfer property to each other free of gift tax • If divorcing, spousal maintenance is now a tax deduction for the payor and income for the recipient • Retirement plans are now subject to transfer and distribution on divorce without penalty • Social Security survivor benefits are available as well as social security spousal election • NYS recognizes that a child born of a same - sex marriage is the legal child of both parents

If a taxpayer files a federal income tax return and reports a transaction as an exchange under Section 1031, based on the expectation that a dwelling unit will meet the qualifying use standards in section 4.02 (2) of this revenue procedure for replacement property, and subsequently determines that the dwelling unit does not meet the qualifying use standards, the taxpayer, if necessary, should file an amended return and not report the transaction as an exchange under Section 1031.