Question by : if you make only a small amt from Soc Sec can you claim this on your tax return?
We just bought a home and 10 acres and was wondering if we can claim taxes on the purchase As I havent been able to claim anything but home heating credit If anyone knows where to find out this info please let us know Thanks…..
Best answer:
Answer by Rob
if in U.S.A. contact IRS.gov
for info for u.
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if you have a small amount of SS which is probably not taxable to you, it is pointless to even file, the property taxes would be claimed on Sch A which will not have any effect on 0 income and the heating improvements you made also will have no effect
Social Security is basically a non-taxable, non-reportable income. If your reportable income exceeds a certain threshold, then your Social Security starts to become taxable.
“if we can claim taxes on the purchase”
Real Estate Taxes are deductible on the Schedule A, Itemized Deductions. If your Itemized Deductions exceed the Standard Deduction, you may use the higher Itemized Deductions. Social Security tax is NOT a deductible tax for Schedulee A.
All it does is reduce your income. You have no taxable income there is nothing to reduce.
You will have to check around in your local area that you are now living in with your home an 10 acre and when you only have a small amount of social security benefits amount and NO other amounts of worldwide income from any other worldwide sources to reported on a 1040 federal income tax return for the tax year.
Hope that you find the above enclosed information useful. 04/21/2012
Not sure exactly what you are asking.
However, things like mortgage interest and property taxes can only reduce your taxable income. They can not, on there own, create a refund.