Year End aipodaniki vastundi. -- Plan your finances accordingly

[johnubhai_01]

Just now, Spartan said:

edo doubt kodtundi.. @DiscoKing pls throw some light.

adigo mallii..   

[k2s]

21 minutes ago, Bhai said:

Daanam cheyyi man

already dided man 

[k2s]

8 minutes ago, Spartan said:

a EMI lo principal and interest seperate chesi..if interest is above some limit in US $ then u can claim..

 

@k2s uncle what is the limit for that..u did no.

Foreign mortage Interest is always not advisable man... 

[mettastar]

8 minutes ago, Spartan said:

a EMI lo principal and interest seperate chesi..if interest is above some limit in US $ then u can claim..

 

@k2s uncle what is the limit for that..u did no.

basically Itemized deductions loki vellali.. and total itemized deductions more than standard deductions aithe dabbulu vasthayi..

Standard deductions 12K anukunta .. dont remember exactly

[Spartan]

Just now, mettastar said:

basically Itemized deductions loki vellali.. and total itemized deductions more than standard deductions aithe dabbulu vasthayi..

Standard deductions 12K anukunta .. dont remember exactly

11.900 for head.

3900 for dependents..

 

@DaleSteyn1 nuvvu katte EMi kanna..std deductions ye ekkuva..

[DaleSteyn1]

1 hour ago, mettastar said:

https://ttlc.intuit.com/questions/2448065-is-mortgage-interest-on-a-foreign-home-loan-deductible

foreign country mortgage kuda deduct cheyachanta .. follow the link vuncle

yeah 

[DiscoKing]

[mettastar]

Just now, Spartan said:

11.900 for head.

3900 for dependents..

 

@DaleSteyn1 nuvvu katte EMi kanna..std deductions ye ekkuva..

ledu sitti man... itemized lo he can add that student loan also I guess.. so he will be well over that $15k or what ever.. 

[Spartan]

Just now, mettastar said:

ledu sitti man... itemized lo he can add that student loan also I guess.. so he will be well over that $15k or what ever.. 

student loan kaadu..full kattesademo.

19K education kinda deduct cheste..3000 something back vastai..there is a limit for that too.

[DaleSteyn1]

1 hour ago, Spartan said:

11.900 for head.

3900 for dependents..

 

@DaleSteyn1 nuvvu katte EMi kanna..std deductions ye ekkuva..

11.900 enti ?  zara explain plz

[DaleSteyn1]

1 hour ago, Spartan said:

student loan kaadu..full kattesademo.

19K education kinda deduct cheste..3000 something back vastai..there is a limit for that too.

credit card tho kattanu

[k2s]

16 minutes ago, DaleSteyn1 said:

manam katte interest meedha tax return claim cheyachu antaru ga car loan lo andhuku aduguthuna .inko question hyd lo oka flat konnanu hdfc lo loan teesukuni last yr so e yr kooda india lo loan ki interest kadthuna kadha so tax returns lo malla claim cheyacha 

 

11 minutes ago, mettastar said:

intha complicated situations naku teledu vuncle.. car loan interest meda we can't claim. naku telisi out of country mortgages meda kuda we can't claim.. 

but wait for others who are in this kind of situation

agreed... personal loans, auto loans interest cannot be claimed in tax return

[Spartan]

Just now, DaleSteyn1 said:

11.900 enti ?  zara explain plz

neeku W2 lo gross income 100K undi anuko.

so u pay tax for only 100k-11900 = 89100 if head of household.

deduct 3900 from 89100 for every dependent form there on. that will be the income u will pay tax for.

[DaleSteyn1]

1 hour ago, Spartan said:

neeku W2 lo gross income 100K undi anuko.

so u pay tax for only 100k-11900 = 89100 if head of household.

deduct 3900 from 89100 for every dependent form there on. that will be the income u will pay tax for.

oho intha estory undha aithe tax returns gattigane osthay anamta 

[Spartan]

Just now, DaleSteyn1 said:

oho intha estory undha aithe tax returns gattigane osthay anamta 

ne pay check lo..100K ki tax cut cheksuntadu..

 

retun claim chesetappudu 89100 ki tax vesi..miglindi vapas istadu. as simple as that. 89100 or more or less depends on yur other gains/loss/expenses