I thought some readers of my blog might be interested in this fairly common topic, for which I did some research. I see if commonly where a parent buys a home in their name, and more improtantly, using their credit, the a child lives in the home and makes ll the mortgage payments. Typically, a non-owner cannot take the deduction for the mortgage interest paid and real estate taxes... this discusses the basis of law for which this deduction for the child may be possible...
If you intend to deduct business travel expenses on your income tax return, keep adequate records. If you are later audited, you will be able to substantiate your deductions. Your oral summary of your business expenses will not hold up to an IRS audit. Besides, audits are often a year or so after the events which make it more difficult to recall what took place if you don't have proper documentation.
You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under age 65. Those 65 and older may continue to use the 7½% threshold through the year 2016.
As always, should you have any questions or concerns regarding your situation please feel free to call.
DiSabatino CPA 651 Via Alondra, Suite 715 Camarillo, CA 93012
How to maximize your tax deduction after a disaster strikes
Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.
Do you want to simplify your tax return, yet still claim a deduction for your home office? Beginning in tax year 2013 (returns that we will file in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home.
Even if you have never before qualified for a home office deduction, you may be able to now. Starting a few years ago, the IRS began to apply more liberal rules, allowing more people to qualify for the write-off. Specifically, the old, hard-to-meet “principal place of business” standard was made much more taxpayer-friendly. But there are other scenarios that allow you to claim deductions as well.