Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, Non Villages Discussion (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/)
-   -   Tax Questions (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/tax-questions-143389/)

rjm1cc 02-14-2015 09:36 PM
Quote:
Originally Posted by Topspinmo (Post 1012621)
Ok reading this has opened up questions? If I sold my home in my previous state, Got drivers license in the state I moved to, filed for homestead exemptions, does that let the state I moved from know I am no longer resident or do I have to do some formal letter/change of address telling them I've moved?

I thought once you set up residency in another state (brought house), got driver license in that state you became resident of that state. or do I need to send change of address the day I moved from my previous state letting them know I no longer live in that state which I had to pay state taxes to?

I've lived in several states and never sent them notice when I moved (other than when filed taxes at the end of the year), but in today's tax crazy world I don't know the tax codes in books that stacks 10 feet high.
Each state has its own rules but I think what you Said will work.However if your last state return does not have Your new address I would file A change of address with the Dept. of Rev.

CFrance 02-15-2015 06:13 AM
I think I know the answer to this one. Can the interest paid on your bond be deducted?

Bizdoc 02-15-2015 07:20 AM
Quote:
Originally Posted by rjm1cc (Post 1012640)
Each state has its own rules but I think what you Said will work.However if your last state return does not have Your new address I would file A change of address with the Dept. of Rev.
You probably don't have to... But make sure that you read what you have to file for on the state's income tax web site. Unless you moved on 12/31/xx or 1/1/xx, you probably have to file a "part-year resident return" for the year you moved (which will give them your new address and signal you aren't in Kansas anymore). Note that some states require you to file a non-resident return based on the sale of your home or for rental income, which could be several months or years after you changed residency.

Cedwards38 02-15-2015 09:00 AM
Quote:
Originally Posted by CFrance (Post 1012718)
I think I know the answer to this one. Can the interest paid on your bond be deducted?
Good question. I doubt it, but does anybody know for sure?

rustyp 02-15-2015 09:49 AM
Quote:
Originally Posted by CFrance (Post 1012718)
I think I know the answer to this one. Can the interest paid on your bond be deducted?
This is a very old subject that is just going to get the controversy button pushed. Go to the search feature and you will find thousands of post on this subject.

CFrance 02-15-2015 10:01 AM
Quote:
Originally Posted by rustyp (Post 1012817)
This is a very old subject that is just going to get the controversy button pushed. Go to the search feature and you will find thousands of post on this subject.
Why? Some should have a short yes-or-no answer without having to wade through a myriad of old posts looking for the one that answers the question.

rustyp 02-15-2015 10:11 AM
Quote:
Originally Posted by CFrance (Post 1012826)
Why? Some should have a short yes-or-no answer without having to wade through a myriad of old posts looking for the one that answers the question.
7000 posts and you don't know the answer to this question?

CFrance 02-15-2015 10:28 AM
Nope.

Bogie Shooter 02-15-2015 10:34 AM
It has been said so many, many times before......................NO.

CFrance 02-15-2015 10:48 AM
OP started this thread so people could ask tax questions. He didn't say the requirement was not to ask a question answered twenty thousand posts ago on a different thread.

As someone has said before, open the refrigerator door, take out what you want...

rjm1cc 02-15-2015 01:55 PM
Quote:
Originally Posted by CFrance (Post 1012718)
I think I know the answer to this one. Can the interest paid on your bond be deducted?
For those that do not itemize deductions the answer is no.
For itemizes it is still no as mortgage interest and interest related to investments are the only deductible items.
You might he able to get the bond "included" in your mortgage and then you would get a deduction. Remember the bond is actually part of the cost of your house.

CFrance 02-15-2015 04:32 PM
Quote:
Originally Posted by rjm1cc (Post 1013063)
For those that do not itemize deductions the answer is no.
For itemizes it is still no as mortgage interest and interest related to investments are the only deductible items.
You might he able to get the bond "included" in your mortgage and then you would get a deduction. Remember the bond is actually part of the cost of your house.
Thank you.

Cedwards38 02-16-2015 08:50 AM
Typically I don't go back and search the archives here when I see a post that interests me, and probably won't.

Kirsten Lee 03-23-2015 01:39 PM
We own a property in TV and rent it out for 3 months. We report the rent as income and deduct expenses. Where on my taxes does the bond and maintenance get listed as a deduction? Thanks

Bizdoc 03-23-2015 03:16 PM
Quote:
Originally Posted by Kirsten Lee (Post 1033425)
We own a property in TV and rent it out for 3 months. We report the rent as income and deduct expenses. Where on my taxes does the bond and maintenance get listed as a deduction? Thanks
schedule E. It reduces the income.

Read the instructions very carefully, especially if you use the house (or a relative does) for all or part of the rest of year.


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