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Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return.
Then a limited amount could be deductible on your income tax return.
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∙ 14y ago
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Can I Deduct wages earned but not paid?
ONLY if they were included as income on a paycheck somehow. YOU CAN NOT DEDUCT MONEY YOU DIDN'T MAKE. There is a lot of money you didn't make. The money is NOT taxable, not tax deductible. (If you paid tax on it and didn't receive it, then you could deduct it...basically because you overpaid, not because you under-earned!
When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Can a coporation deduct a lease payment?
Yes, corporations can deduct lease payments. Property lease payments and vehicle lease payments are deductible in the year paid or accrued.
Can you deduct real estate taxes paid on behalf of another person if you do not own the property in question?
No. You can't deduct RE tax, or any payment really, for something you were not obligated to. However, it does sound like the one who you paid the tax for has income in the amount you provided for them.
Bought Home in Jun 2007 Paid Property tax for 2007 4000 in 2008 and 4000 for 2008 in 2008 Do you Deduct 8000 ie full 07 and full 08 or 6000 ie for half 07 and full 08?
You deduct the actual amount you paid in property taxes during calendar year 2008, no matter what year it was for. If you paid it in 2008, you deduct it in 2008. Of course, you subtract any amount that the previous owner reimbursed you at closing.
Can you deduct health insurance premiums you paid?
If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.
What is money paid by the loser of a lawsuit called?
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Can I Deduct wages earned but not paid?
ONLY if they were included as income on a paycheck somehow. YOU CAN NOT DEDUCT MONEY YOU DIDN'T MAKE. There is a lot of money you didn't make. The money is NOT taxable, not tax deductible. (If you paid tax on it and didn't receive it, then you could deduct it...basically because you overpaid, not because you under-earned!
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
Who pays for an organ donation?
My insurances paid for my organ transplant but monies were also paid to the donor's medical bills (if I am not mistaken.)
Which usually happens when a person wins a case in the Court of Federal Claims L?
the person is paid an amount to settle the clam.
How do you get paid from a company that under state investigation?
file a lawsuit
Where do you get the papers showing taxes paid on a lawsuit settlement?
From your attorney
What can you do if your title company didn't pay your HOA dues?
Monies may have been earmarked for assessments as part of the sale transaction. If you believe that such monies were earmarked and the assessments were not paid from the monies involved in the sale, you can notify the Title Company with your evidence and request that the assessment monies be sent to the HOA offices.
Can you itemize hospital bills on your tax return that you have not paid in full?
No. The only deductions that you can take on a tax return are items that you actually paid. However, you can deduct the amount of the bill that you did pay and then next year you can deduct the part that was paid during this year, even though the bill was for last year.
When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Your fiance and you just bought a house together you will not be married until 2009 How will you file the interest paid for 2008?
First and foremost, only the person who actually paid the mortgage interest (from his/her own funds) may deduct any of it. Then, it depends on how the house is deeded. If you own it in joint tenancy with rights of survivorship with your fiance, the person who paid it may deduct it. If you split the payments, you may split the deduction in the same proportion as you paid it. If you own the house as tenants in common, each of you may deduct as much as you actually paid, but only to the extent of your ownership interest in the property -- probably 50%. That is, even if you paid 100% of the mortgage payments, you may deduct no more than half of the interest.
