Tax Deductions?

[Ralphy]

Besides county tax and mortgage interest, does anyone know for sure what other TV homeowner expenses are deductible on my income tax?

[Rango]

Nothing

[bonrich]

School and Real Estate taxes.

[Villager Joyce]

Since this is your first post, does this mean you have recently purchased your home. Are you new to Florida. Some closing costs are able to be written off. You might want to ask a Florida cpa or tax accountant.

[rjm1cc]

Points on the mortgage maybe deductible.

[Sandtrap328]

Since the interest on your bond is NOT deductible, I have heard some people take out a home equity loan, pay off their bond, and the interest on the home equity loan is deductible - until the majority in Congress get to change it like rhey are talking of doing.

[Sandtrap328]

School and Real Estate taxes.

School taxes? I have not heard that is deductible.

[dewilson58]

Nothing

Not True.

It depends.

If the house is a rental............there are other deductions.

[dewilson58]

Since this is your first post, does this mean you have recently purchased your home. Are you new to Florida. Some closing costs are able to be written off. You might want to ask a Florida cpa or tax accountant.

The best advice on this thread.

:bowdown:

[dbussone]

School taxes? I have not heard that is deductible.

Taxes imposed by county school systems are deductible, and can be found as part of your county tax bill.

[Ralphy]

Yes Joyce I am very new to TV.
Never lived in a CDD before and am trying to understand them.
If CDD bonds are tax-exempt because they are municipal bonds, why aren't some of the payments to the CDD tax deductible? Some write-ups say that the maintenance fees are a tax. I am confused.

[dewilson58]

Yes Joyce I am very new to TV.
Never lived in a CDD before and am trying to understand them.
If CDD bonds are tax-exempt because they are municipal bonds, why aren't some of the payments to the CDD tax deductible? Some write-ups say that the maintenance fees are a tax. I am confused.

Welcome to TV.

The best advice is talk to a professional.............mostly your first couple of years down here.

Good Luck.

[Sandtrap328]

Yes Joyce I am very new to TV.
Never lived in a CDD before and am trying to understand them.
If CDD bonds are tax-exempt because they are municipal bonds, why aren't some of the payments to the CDD tax deductible? Some write-ups say that the maintenance fees are a tax. I am confused.

Your best advice was to talk with a Florida CPA who is familiar with The Villages.

[liliana42]

Look at www.irs.gov/pub/irs-wd/12-0018.pdf. The annual assesment for maintenance and interest are deductible as long as the taxpayer can show how the payment was divided between interest, principal, and expenses. The maintenance part is on your tax bill. Thern go to Districtgov.org; How do I?; Obtain residential bond assessment information; Bond amortization schedule.

[liliana42]

Look at www.irs.gov/pub/irs-wd/12-0018.pdf. It states "In general, an
amount that is assessed only on specific property benefitted by a local benefit (such as
for streets, sidewalks, and like improvements) cannot be deducted as a real property
tax. However, § 1.164-4(b)(1) permits a deduction for assessments to provide local
benefits to the extent that the taxpayer can show they were imposed to repair, maintain,
or meet interest charges for such benefits."
The maintenance part is on your tax bill. For the amortization schedule, go to disgrictgov.org.