working on my tax return, need help

danger boy
danger boy Posts: 15,722
edited March 2008 in The Clubhouse
Can I deduct my property taxes from 2007 when I'm filling out my tax return this year? If so, where is it? I can't seem to find it and I'm sure I have deducted my property taxes in the past.
PolkFest 2012, who's going>?
Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
Post edited by danger boy on
· Share on FacebookShare on Twitter

Comments

  • steveinaz
    steveinaz Posts: 19,536
    edited March 2008
    If you itemize deductions. It's on Schedule A of the 1040A. Alot depends on your state; for instance in Arizona, vehicle registration is based soley on the cars' value (not weight, cubic inches, etc), so all of it can be claimed as personal property tax.

    If you're talking real estate taxes, mortgage interest, etc, that's also on Schedule A.
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
    · Share on FacebookShare on Twitter
  • shack
    shack Posts: 11,154
    edited March 2008
    Do you itemize your deductions or file a 1040EZ return?
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

    "For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase

    "Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
    · Share on FacebookShare on Twitter
  • billbillw
    billbillw Posts: 6,714
    edited March 2008
    If you are doing anything beyond the EZ form, I would suggest using TurboTax or a similar program. They will guide your through each step and check for errors along the way.

    I always did the EZ forms myself, but since becoming a homeowner, a parent, and itemizing for a home office, I use the software.
    For rig details, see my profile. Nothing here anymore...
    · Share on FacebookShare on Twitter
  • danger boy
    danger boy Posts: 15,722
    edited March 2008
    I itemize so I will look on schedule A I have been using TaxCut software for about 7 or 8 years now. it's so easy to use.
    PolkFest 2012, who's going>?
    Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
    · Share on FacebookShare on Twitter
  • RuSsMaN
    RuSsMaN Posts: 17,987
    edited March 2008
    Property Taxes, Mortgage interest, do it ALL.
    Check your lips at the door woman. Shake your hips like battleships. Yeah, all the white girls trip when I sing at Sunday service.
    · Share on FacebookShare on Twitter
  • PhantomOG
    PhantomOG Posts: 2,409
    edited March 2008
    There's even a standard deduction for sales tax you paid for the year. Turbotax gets 'em all for me.
    · Share on FacebookShare on Twitter
  • danger boy
    danger boy Posts: 15,722
    edited March 2008
    what other deductions do people take? How about hobby's? this is a hobby right? ;)

    how many of you have to file state returns also? We don't. whew!
    PolkFest 2012, who's going>?
    Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
    · Share on FacebookShare on Twitter
  • dorokusai
    dorokusai Posts: 25,577
    edited March 2008
    Id appreciate it if you didn't claim me as a deduction again this year. It's made my life a living hell.
    CTC BBQ Amplifier, Sonic Frontiers Line3 Pre-Amplifier and Wadia 581 SACD player. Speakers? Always changing but for now, Mission Argonauts I picked up for $50 bucks, mint.
    · Share on FacebookShare on Twitter
  • steveinaz
    steveinaz Posts: 19,536
    edited March 2008
    healthcare (possibly, but we couldn't--you have to have a ton of medical bills)
    mortgage interest/real estate taxes
    mortgage interest on my pool loan
    personal property tax (vehicle registration in Az; 2 cars 1 motorcycle)
    Charitable contributions
    the list goes on and on...see the schedule A
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
    · Share on FacebookShare on Twitter
  • danger boy
    danger boy Posts: 15,722
    edited March 2008
    i didn't qualify for the healthcare deduction.. i think i needed to spend something like 7K to qualify for that. and I don't get sick very often.. and my other med/dental bills never even approached that.. so that sucks.. it's making me sick just thinking about it. LOL
    PolkFest 2012, who's going>?
    Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
    · Share on FacebookShare on Twitter
  • steveinaz
    steveinaz Posts: 19,536
    edited March 2008
    Most people don't, you have to be really low income and have alot of medical expense to qualify. Bev & I rarely go to the doctor.
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
    · Share on FacebookShare on Twitter
  • shack
    shack Posts: 11,154
    edited March 2008
    Your gambling losses can be offset against your gambling winnings.
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

    "For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase

    "Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
    · Share on FacebookShare on Twitter
  • TroyD
    TroyD Posts: 13,077
    edited March 2008
    can I deduct all the money that I spent on hookers and blow when I went to visit hoosier21?

    BDT
    I plan for the future. - F1Nut
    · Share on FacebookShare on Twitter
  • polkatese
    polkatese Posts: 6,767
    edited March 2008
    Troy, I didn't know that you are a "Hobbyist"? ;)
    I am sorry, I have no opinion on the matter. I am sure you do. So, don't mind me, I just want to talk audio and pie.
    · Share on FacebookShare on Twitter
  • hockeyboy
    hockeyboy Posts: 1,428
    edited March 2008
    I generally deduct the hookers, but never the blow.
    My Main Gear
    Mitsu HC5000 (Proj.)
    Marantz SR8001 (AVR)
    Sunfire TGA7200 (AMP)
    Marantz DV7001 (SACD)
    Samsung BD-P1500 Blu-Ray
    LSi 15's (Front)
    LSiC (Center)
    LSiFx (Surrounds)
    DUAL SVS 20-39 CS Plus     (Passive Subs)
    Marantz IS201 I-Pod Dock[/SIZE]
    Panamax M5300EX
    Carada Criterion 106" Brightwhite Screen
    Sunfire TGA 5200 & (4) B&W 605's in the party room
    · Share on FacebookShare on Twitter
  • ohskigod
    ohskigod Posts: 6,502
    edited March 2008
    danger boy wrote: »
    I itemize so I will look on schedule A I have been using TaxCut software for about 7 or 8 years now. it's so easy to use.


    taxcut should ask you about your property taxes as you do the interview part. enter that, mortgage interest and any other applicable deductions it asks you for, then it will compare your standard deduction to your itemized deductions. if you got mortgage int. and prop taxes, chances are slim it will be less than the standard
    Living Room 2 Channel -
    Schiit SYS Passive Pre. Jolida CD player. Songbird streamer. California Audio Labs Sigma II DAC, DIY 300as1/a1 Ice modules Class D amp. LSi15 with MM842 woofer upgrade, Nordost Blue Heaven and Unity interconnects.

    Upstairs 2 Channel Rig -
    Prometheus Ref. TVC passive pre, SAE A-205 Amp, Wiim pro streamer and Topping E50 DAC, California Audio Labs DX1 CD player, Von Schweikert VR3.5 speakers.

    Studio Rig - Scarlett 18i20(Gen3) DAW, Mac Mini, Aiyma A07 Max (BridgedX2), Totem Mites
    · Share on FacebookShare on Twitter
  • obieone
    obieone Posts: 5,077
    edited March 2008
    Do you pay your prop. tax via an escrow? If so, you should have a statement from the mortgage co. with prop. tax & interest paid?
    Good luck
    I refuse to argue with idiots, because people can't tell the DIFFERENCE!
    · Share on FacebookShare on Twitter
  • hockeyboy
    hockeyboy Posts: 1,428
    edited March 2008
    You can typically access your records on line for property taxes as well.
    My Main Gear
    Mitsu HC5000 (Proj.)
    Marantz SR8001 (AVR)
    Sunfire TGA7200 (AMP)
    Marantz DV7001 (SACD)
    Samsung BD-P1500 Blu-Ray
    LSi 15's (Front)
    LSiC (Center)
    LSiFx (Surrounds)
    DUAL SVS 20-39 CS Plus     (Passive Subs)
    Marantz IS201 I-Pod Dock[/SIZE]
    Panamax M5300EX
    Carada Criterion 106" Brightwhite Screen
    Sunfire TGA 5200 & (4) B&W 605's in the party room
    · Share on FacebookShare on Twitter
  • danger boy
    danger boy Posts: 15,722
    edited March 2008
    shack wrote: »
    Your gambling losses can be offset against your gambling winnings.

    What gambling winnings? It's all losses :p;)
    PolkFest 2012, who's going>?
    Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
    · Share on FacebookShare on Twitter
  • danger boy
    danger boy Posts: 15,722
    edited March 2008
    TroyD wrote: »
    can I deduct all the money that I spent on hookers and blow when I went to visit hoosier21?

    BDT

    just the nose candy. not the eye candy :eek:
    PolkFest 2012, who's going>?
    Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
    · Share on FacebookShare on Twitter
  • steveinaz
    steveinaz Posts: 19,536
    edited March 2008
    TroyD wrote: »
    can I deduct all the money that I spent on hookers and blow when I went to visit hoosier21?

    BDT

    The hookers might satisfy the "medical requirement" test if you're creative enough with your explanation. :D
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
    · Share on FacebookShare on Twitter
  • reeltrouble1
    reeltrouble1 Posts: 9,312
    edited March 2008
    Well your Honor the boys on the board said I could deduct this stuff????? Its Club Polk where wire matters.

    RT1
    · Share on FacebookShare on Twitter