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Old 01-28-2013, 01:47 PM   #43
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Publication #530 at IRS.Gov covers the mortgage interest deduction. I have not read the info for 2012 yet, but last year's allowed you to also deduct the cost of "Loan Life Insurance" .

Bluepill, I'm not sure what you are referring to. If you mean Private Mortgage Insurance, then yes that is still deductible in 2012. I'm not aware of any provision that allows you to deduct any "Loan Life Insurance." Any life insurance would have to be considered part of the Mortgage Interest and be included on your form 1098 from your mortgage company.

Be aware that the cap where the deduction starts to decrease is with an Adjusted Gross Income is $100,000 for a married filing jointly return and the deduction goes down for each $1,000 you make over that amount.
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Old 01-28-2013, 01:58 PM   #44
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In case you buy Girl Scout Cookies: They are half deductible and half edible.

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Old 01-28-2013, 04:36 PM   #45
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YOU are wrong - I can vouch for the fact that those coconut.choclatey thins are ALL edible --- in on sitting too
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Old 01-28-2013, 04:38 PM   #46
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YOU are wrong - I can vouch for the fact that those coconut.choclatey thins are ALL edible --- in on sitting too
I'd hardly call them "deductible" either, since their action weight-wise is the exact opposite!
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Old 01-28-2013, 09:09 PM   #47
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Even though the cookies may be deductible they can still be taxing on the mid-section.
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Old 01-29-2013, 05:11 PM   #48
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As for the 14 cents per mile for charitable work, when does that begin and end. We will be going from OK to CA to do some volunteer work that would qualify. Do all of those miles qualify? What if we stop en route to visit or site see? Do we count the miles just from our last pleasure stop?

Thanks

I agree with the need for a vastly simpler tax code.
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Old 01-29-2013, 07:46 PM   #49
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Ethan, the entire trip will still qualify as long as you aren't going way out of your way for the personal portion. If you did go out of your way then just don't count the personal miles. You would also get the round trip mileage for your entire volunteer work. Make sure you get confirmation from the organization you are doing the volunteer work for. This helps to verify that you did, in fact, do the volunteer work.

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Old 01-29-2013, 09:56 PM   #50
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If you are a full timer and are going to operate some kind of business using you RV for travel, make sure you talk with a tax expert before you do anything. It is a tax no-no to select your primary residence as your RV. Hopefully Wnytaxman can offer some insight without getting to technical.
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Old 01-30-2013, 08:15 AM   #51
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If you are a full timer and are going to operate some kind of business using you RV for travel, make sure you talk with a tax expert before you do anything. It is a tax no-no to select your primary residence as your RV. Hopefully Wnytaxman can offer some insight without getting to technical.

Craig is correct in the "be careful" comment about using the RV for business. Make sure you document your business usage thoroughly. Your documentation is key to getting the deduction. Full timers always present an interesting twist because of the open ended nature of their tax home. Again, documentation is key to success in an audit.
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Old 01-31-2013, 01:16 PM   #52
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One more heads up on your 2012 taxes. Due to the lateness of Congress and the Administration agreeing on tax legislation, many returns will not be able to be processed until late in February or even into March. For example if you have depreciation as part of your return, you will be one that will be delayed in processing.
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Old 01-31-2013, 01:20 PM   #53
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You mean some people actually file their taxes before April 15th?
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Old 01-31-2013, 02:12 PM   #54
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After reading all these posts........is there any doubt the ENTIRE tax code needs to be abolished and a simpler one or two page IRS tax form can be substituted ????
1040-SuperEZ

Line 1: How much did you make last year?

Line 2: Send it in.
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Old 01-31-2013, 02:50 PM   #55
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1040-SuperEZ

Line 1: How much did you make last year?

Line 2: Send it in.

The Ultimate Flat Tax!
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