Home Income Tax Deductions

by Helen Burgess
(Pensacola FL)

Home Income Tax Deduction

We bought a mobile home may of 2010 can we claim it on our taxes this year?

Closing Cost Income Tax Deductions

Closing Cost Income Tax Deductions

What costs am I able to deduct from the closing of a new house?

Mortgage Income Tax Deduction

by Mike
(Orlando, Fl)

Mortgage Income Tax Deduction

I foreclosed on a house some years ago but I'm still making payments on a second mortgage.

Can I claim the the interest paid?

Mortgage Interest Income Tax Deduction

by Peter
(California)

Mortgage Interest Income Tax Deduction

Can I claim the mortgage interest deduction on my tax return when I am on title but not on the bank loan?

I receive the income and claim the expenses currently. No one else is claiming the interest deduction.

Thank you.

Mortgage Interest Deduction for Legally Separated Taxpayer

by JOYCE
(New York)

Mortgage Interest Deduction

Can a legally separated tax payor take advantage of the mortgage interest deduction if that person is NOT ON TITLE and does not reside in the residence if:

The parties are signing a joint income tax return.

Leak Damage Income Tax Deduction

Leak Damage Income Tax Deduction

My Arizona home was built in 1951. I had a terrible smell coming from the garbage disposal for quite a long time.

Since the home is so old I figured it had to be something leaking. However, I could see any visible leaks, it had to be coming from inside the walls.

I had to remove my old counter top and cabinets, they were not salvageable. I also had to tear up a lot of old tile to get the cabinets out so that I could get to the walls.

I tore off the old crumbly plaster and saw wetness coming from the cinder block. I removed some of the block and got the galvanized iron drain pipes exposed.

There were 2 1/2 inch holes in the bottom of the pipes that had been leaking kitchen waste in them for who knows how long.

There is a common wall to a bathroom to the east of where the sink was. I saw more wetness near that wall so I had to remove the rest of my old cabinets.

After getting the old plaster and drywall off I discovered the tub had been leaking also. There was a lot of black mold on the framing.

I am not a contractor but have built 4 homes from the ground up with my father and we did an addition to this home also.

I removed what framing I could and bleached everything I could not remove. My insurance company does not cover this type of damage and it had been doing damage sight unseen.

We did not know about the mold. I had to replace my kitchen cabinets and the entire tile floor since it was so old I could not match it anymore.

To pay for all this I had to take out $25000 from my 401k. As you may have guessed I have a huge $13000 tax bill.

Since it is mold damage can I deduct any of the work I had to do to make the home livable again. I had a plumber repair all the broken pipes and a cabinet company do the new cabinets but I did all the framing, cleanup and drywall myself to save money.

The bills came to over $24000. I have receipts is this a deductible loss?

Income Tax Deductions Against Capital Gains

by Jim
(Michigan)

Income Tax Deductions Against Capital Gains

I sold 40 acres after owning it for 23 years. When figuring my taxable gain, can I deduct the 23 years worth of property taxes as part of my basis for cost of the property? Also, I built a barn, planted trees, etc. Are these deductible from selling price?

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