Browse all the Lawforwa Resources on Taxes

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Frequently Asked Tax Questions and Answers - Mortgage Interest Deduction
http://www.irs.gov/faqs/index.html
Source: Internal Revenue Service

Answers to frequently asked questions regarding some of the expenses that are available for deductions.
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• What can I deduct from the settlement statement for a home purchase?
• I have a mortgage for my primary residence and a second mortgage for land that I intend to build a home on. Can the interest be deducted for the second mortgage?
• I paid my mother's mortgage and real estate taxes last year. The house is in her name. Can I deduct the mortgage interest and property tax on my tax return?
• My daughter and I own a house together. Her name is on the mortgage, but both our names are on the deed. Can we each claim half the yearly interest and property tax on our income tax returns?
• Is interest on a home equity line of credit deductible as a second mortgage?
• I refinanced my home last year and paid points. Are they all deductible this year?
• Is the interest paid on the loan for a lot (with no home on it) deductible as mortgage interest?
• Is interest paid on a construction loan for a new home considered deductible mortgage interest?
• I got a loan to buy some land. Later I got another loan for the construction of the house. After the house was built I got a third loan which paid off the first two loans. Is the interest on any of these loans deductible?
• I pay interest on money borrowed to purchase land. I built a home on that land, but have no mortgage. Is the interest I pay for the land deductible? Where is it deductible on the return?
• I took out a home equity loan to pay off personal debts. Is this interest deductible? Where do I enter this amount on my tax return?
• If I borrow money from my 401(k) to purchase a home, is the interest I pay back to my 401(k) deductible as mortgage interest on my 1040?
• May I deduct my home improvements and repairs to my home?
• Our home was seriously damaged by flooding last year. Are there special provisions for claiming a loss since our home is located in a declared disaster area?
• Our garage caught fire this last July. Can we claim a loss on our income tax return?
• Is personal credit card interest tax deductible?
• Is the mortgage interest and property tax on a second residence deductible?
• I bought a 5th wheel for vacationing. Can I deduct the interest on the loan for this 5th wheel? Where would it be listed?
• What are the rules for mortgage interest on a manufactured home?
• Can I deduct the interest on the mortgage for the manufactured home if it is on a rented lot?
• Can I deduct the interest for the manufactured home and for the lot if I buy a lot for the home?
• I refinanced my home and paid closing costs. Are the loan origination fee, appraisal fee, document prep fee, closing fee, and title insurance or any of the other expenses deductible? Are any of the fees I paid to the bank for the loan deductible?
• I refinanced my home mortgage and had to pay $2,000.00 worth of points to get the mortgage. Can I claim these points as a deduction on my tax return?
• If the IRS says I must deduct points over the life of my mortgage, and I have a 30 year mortgage, does this mean that I divide the points paid by 30 and enter that amount on Schedule A?
• I refinanced my house once and paid $1,230 in points. On Schedule A, line 12 (points not reported on Form 1098) I have listed $41 each year. I refinanced my home again and paid off the entire previous loan including the points. Am I entitled to include the $984 (remaining points paid off) on Schedule A this year?
• I took out a second mortgage and received a form with my mortgage interest on it but it has no points. Under the points section it states to check with your original lender. Can I still claim those points? If so, how do I get a form stating them?

Extension of Time to File Your Tax Return
http://www.irs.gov/formspubs/article/0,,id=98155,0
Source: Internal Revenue Service

List of forms required to be completed for those wishing to file for an extension of time to file a federal income tax return.
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• How do I request an extension to file a tax return?
• How do I get an extension to file my federal individual income tax return?
• Where can I find extension forms for corporations?
• Where can I find extension forms for partnerships?

Filing and Paying Taxes Late
http://www.nolo.com/lawcenter/ency/article.cfm/obj
Source: Nolo

General information about requesting an extension to file a tax return.
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• How do I request an extension to file a tax return?
• How many months extension can I get for filing a tax return?
• By what date do I have to file a request for an extension on a tax return?
• Will I have to pay additional penalties if I request an extension on my tax return?
• When do I have to pay the tax I'll owe if I file an extension on my tax return?
• What happens if I don't request an extension and I don't file, or pay my taxes, by April 15?
• What if I can't pay the tax that I owe on my return?
• Where can I get tax forms to complete my tax return?

Estimated Tax - Penalty Questions
http://www.irs.gov/faqs/content/0,,id=199918,00.ht
Source: Internal Revenue Service

Answers to frequently asked questions regarding the penalties that may be imposed on those who fail to make timely Estimated Tax Payments.
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• What is the minimum amount of estimated tax that I am required to pay without incurring any penalty or interest charges?
• What is meant by "no tax liability" in the exceptions to the estimated tax penalty?
• I was a student in 2000 and had no income. In 2001, I started working and did not have enough tax withheld. Will I owe a penalty because I did not make estimated tax payments?
• I was late mailing my estimated tax payment. To minimize the penalty, how do I compute the interest rate and late payment charges in order to send an additional check to the IRS as soon as possible?
• Why should I owe a penalty for failing to pay estimated taxes when I received a refund for the prior year?

Estimated Tax: Business
http://www.irs.gov/faqs/content/0,,id=199918,00.ht
Source: Internal Revenue Service

Answers to frequently asked questions regarding paying Estimated Taxes.
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• What can I do to make sure that I will not owe the IRS taxes on my return?
• How do I know if I have to file quarterly estimated taxes?
• How do I calculate the amount of estimated tax I owe?
• Should all of the quarterly estimated tax payments be the same amount?
• Do self-employment taxed need to be paid quarterly or yearly?
• What form do I use to make estimated payments?
• When are the quarterly estimated taxes due?
• Where do I send my individual estimated tax payments?
• How do I report the estimated payments when I file my tax return?
• Can I make my quarterly estimated tax payments by credit card?
• What should I do if the check for my estimated tax payment has not cleared?
• I was self-employed for the first half of the year and made estimated tax payments. Now, I am a wage earner and my employer withholds taxes. Must I continue to make estimated tax payments?
• I filed a quarterly 1040-ES in April and paid the difference between my total tax bill last year and this year's withholdings. Therefore, I believe I have paid the minimum amount of estimated tax payments. Do I have to submit a Form 1040-ES for the, second, third, and fourth quarters?
• Is there a way to have federal income tax withheld from unemployment compensation, in lieu of making estimated tax payments?