3 Tax Questions : Lease Refund, Car Insurance premium and Donations:?
1- I turned my leased car surrounded by and received a refund, do I need to
show it on my taxes when I record, and in which section?
2- Can you claim saloon insurance premiums? ( I couldnt find anything addressing that on tax slayer)
3- I made a donation to release army - about 15 bags of clothes and shoes - they give me a receipt but they did not itemize -or specify a dollar amount, How should I claim it ?
Thanks
Answers:
1. No
2 No, if it's your personal car. If it's a business car, later probably yes, at least in factor.
3. You can't, unless it's itemized. If it's itemized, then you could get dollar amounts from their website showing almost what the items would be worth.
1. Unless it was deducted as a business expense (not purely claiming flat amount for milege) it is not considered income and not taxed.
2. Unless you are closely tracking all vehicle expenses, using the vehicle for a business, etc. why would insurance premiums be deductible? If you are using this vehicle for business (other than communting to/from work), at hand are a lot of qualifiers and forms - check IRS site. If you are deducting and/or mortal reimbursed a flat milege amount, then it is not deductible since its cost is already covered in the milege reimvursement. (Personally, I recommend the milege reimbursement unless you are using the vehicle almost exclusively for work and own it's ownership under the business).
3. You have a unloading. That is all you need.
Side facts: This is not the place to ask these unless you are looking for general ideas. Research the IRS site and/or due accountant.
1 - No
2 - No
3 - You determine the value. Donations travel on Schedule A (Itemized Deductions). If you go over $500, there are more forms to compress out (Form 8283 ?). Two things to keep in mind. One, used clothing is worth much smaller amount than you think and can only reduce by its value, not its original cost. Two, donations simply get you a tax benefit if you itemize. If you are not paying on a mortgage, you probably won't enjoy enough to itemize and you will get no benefit from the donation....besides verbs closets.
Related Questions:
show it on my taxes when I record, and in which section?
2- Can you claim saloon insurance premiums? ( I couldnt find anything addressing that on tax slayer)
3- I made a donation to release army - about 15 bags of clothes and shoes - they give me a receipt but they did not itemize -or specify a dollar amount, How should I claim it ?
Thanks
Answers:
1. No
2 No, if it's your personal car. If it's a business car, later probably yes, at least in factor.
3. You can't, unless it's itemized. If it's itemized, then you could get dollar amounts from their website showing almost what the items would be worth.
1. Unless it was deducted as a business expense (not purely claiming flat amount for milege) it is not considered income and not taxed.
2. Unless you are closely tracking all vehicle expenses, using the vehicle for a business, etc. why would insurance premiums be deductible? If you are using this vehicle for business (other than communting to/from work), at hand are a lot of qualifiers and forms - check IRS site. If you are deducting and/or mortal reimbursed a flat milege amount, then it is not deductible since its cost is already covered in the milege reimvursement. (Personally, I recommend the milege reimbursement unless you are using the vehicle almost exclusively for work and own it's ownership under the business).
3. You have a unloading. That is all you need.
Side facts: This is not the place to ask these unless you are looking for general ideas. Research the IRS site and/or due accountant.
1 - No
2 - No
3 - You determine the value. Donations travel on Schedule A (Itemized Deductions). If you go over $500, there are more forms to compress out (Form 8283 ?). Two things to keep in mind. One, used clothing is worth much smaller amount than you think and can only reduce by its value, not its original cost. Two, donations simply get you a tax benefit if you itemize. If you are not paying on a mortgage, you probably won't enjoy enough to itemize and you will get no benefit from the donation....besides verbs closets.
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