In other words, you're paying less taxes if you are a high income earner + live in a state with state income tax.
[Assuming you itemize your tax return]
According to my tenancy, the landlord has to send me the security deposit deduction request within 10 working days after the end of the tenancy. The landlord failed to do that. Does this allow me to reject any of the deduction requests he made subsequently?
Virginia
I rented a property from 8/01/20-8/31/21. The landlord told me in July that he had “other plans” for the property and I would need to find other arrangements for my family. I asked if I found a property sooner than 8/31 if he would let me out of the lease early and he told me that was fine. The property is actually a trailer on his land and he lives in a house about a quarter mile down the drive way. So I close on a house on 7/12/21 and move my stuff out of the trailer on 7/31/21. He looks over the trailer and verbally tells me that it looks good and I should get my entire deposit back. I’ve got pictures and everything.
Well it’s 11/10/21 and I have yet to receive anything. Even after I called the property managers to try and figure out what went wrong they told me the owner failed to get my forwarding address so that is where the hold up is. Fine…except everyone had my phone number and email address. So I call them and give them my forwarding address. Now it’s crickets. I’ve already left multiple messages and texted the property manager in charge of my rental and she told me “call the office I don’t know who handles that”
Where should I go next? I don’t want to go scorched earth with out trying something more subtle first.
Supposedly helps you save on taxes by combing three years of deductions in one year if you feel you’ll make a considerable amount one year vs preceding years while giving to the community. However, after all that has transpired, I’m finding it hard to believe anything these days. Any fellow apes have experience or are familiar with the process?
Edit: whatever English I’m using
I have already filed this case with the courts, but here is the gist of the story.
Lived in apartment for 6 years, moved out March 31, 2021 after giving 30 days notice. Initial security deposit was $2700. On May 1, I still had not heard from my ex-landlord about the SD return, so I called him. He said we left the place a mess and that we paid rent late a bunch of times, and that he wasn't giving it all back. I expressed how this came as a shock since he never once asked for a late fee on rent (the guy was just extraordinarily hard to track down and always wanted it in person). On May 11, I picked up mail from the old place and an envelope was on top from the landlord, with a regular personal check dated May 9, in the amount of $500 for "security deposit return." There was no itemized list of deductions included.
From my understanding, this is pretty cut and dry. The guy waited WELL over 30 days to return the deposit and only did so after I asked him about it. The personal check he provided (which I sent back to him, certified) was even dated well past 30 days. There was no itemized list of why he deducted $2200+ either.
Today (10/26) I received a text from the LL threatening to counter-sue and that we should "work it out" before it comes to that. He said we didn't uphold the conditions of the lease and that's why we didn't get the full SD back. Even if we did leave the place a wreck (we didn't, and I have pics), and paid rent late a few times over 6 years (I doubt he has any documentation of this), these feel like moot points in terms of the law since neither an itemized list of deductions nor return of any money happened within 30 days.
This has been filed in regular court, not small claims, since double damages bring the potential award money over $5000. So far we've gone without a lawyer. Given the threat of counter-suit (idk what he'd even sue for?) do we need to hire a lawyer for this now? Is this just an empty threat?
I lived in the house for 21 years, in that time very little was done in maintenance(no paint, carpet or anything). When I moved in 21 years ago the owner at the time was lax on paperwork, no move in check-list or anything documenting the condition. The current owner bought the units about 6-7 years ago. On move out my landlord just said "you're not getting your deposit back". I waited about 4 weeks just to account for post office delays and no accounting for the deposit was sent. I sent a letter asking for my deposit since they didn't follow the rules. They replied with a letter from a lawyer friend of theirs threatening to sue me unless I dropped it.
I filed a small claims case for the deposit plus statutory damages, they filed a counter suit for their full costs to paint, etc. Los Angeles small claims court requires online dispute resolution and that you send your evidence to the opposing party and the court, they did not participate in online dispute resolution or send the evidence they say they have.
The hearing is on Friday, will the judge or whoever hears the case look badly on them for not following the court rules? Anyone know what I should expect?
Hi, I operate a small business (Less than 3M in gross profit), however my operating margins are very high as I outsource a lot of it to freelancers. Around 60-70% of my gross income is paid to the freelancers. However, they only issue me a invoice not an OR.
Can I use said invoice for itemized deduction?
Long story short, my Fiancé and I had a not so great experience with our previous landlord and moved out of the townhome and apartment complex on July 21 2021. We had a security deposit of $500
We waited for any documentation regarding or deposit, we called a few times only to be told it was processing. I called on day 28 and was told by the property manager that the carpet had to be replaced (we had a cat that liked to pee when alone), I understood this, but she then told me I would probably owe. She did not send any documentation at this time via mail nor email.
Today we received a letter, dated 09-02-2021, stating we owed over $400 for repairs.
I was under the impression that IL gave landlords 30 days to send an itemized list of deductions, and 45 days to send a full security deposit refund. 9-02 is 43 days out from our vacate date.
What are my rights in this situation. I have proof of my vacate date, and they themselves dated this letter. Do I have to pay what they say I owe, even though they were untimely in sending the letter? I don’t care so much about getting the full deposit, they can keep the whole thing for all I care. But I believe I shouldn’t have to pay the extra in this situation.
What legal rights do I have here?
I got married in July 2020. My wife lived at home with her family in 2020 for 7 months until we got married. For her previous 2019 tax return, because her name is on the refinance loan with her parents, she included all of the property tax and mortgage interest on her own tax return as itemized deductions. Can she do the same for 2020 tax return even though she was only there for 7 months? In other words, can she file for the full itemized deductions for 2020 using her parent's house or does she have to do 7 divided by 12 or something like that?
Another question is her brother lives there as well but his name is not on the refinance loan. Therefore, is he legally allowed to include the property tax and mortgage interest as itemized deductions on his tax return in the future? He helps with mortgage payments normally, and I am not familiar with any documentation to link the itemized deductions with property tax and mortgage interest.
Any advice and insight is greatly appreciated. TIA!
I have a Healthcare FSA from my employer that I max out every year. However I also have a substantial amount of medical expenses every year that make my itemized deductions greater than the standard deduction. The medical expenses that I reimburse with the FSA are all deductible under Pub. 502.
Given this, is there any tax benefit to keeping the FSA? I would prefer to have to manage one less thing and just get rid of the FSA next year.
If I have $400-500 in donations, will itemizing deductions be helpful? Or should I just ignore the donations and go for a standard deduction?
I have always opted for standard - and have no other loans, mortgages or dependents, etc. that can help make itemization fruitful.
Hi all. I've searched the subreddit for this but only found one relevant article with no definitive conclusion. This is a common topic amongst the degenerates at r/Sportsbook, so I'm trying to get some clarity since online sportsbook gambling has become so popular. The IRS rules around gambling suggest that taxpayers must report gross "winnings". Losses can only be deducted if itemizing.
Let's say Bob and Linda have W2 jobs totaling $150k. Their only deduction is 10k of mortgage interest, so in any other year, they would claim the standard deduction for MFJ of 24k and have an AGI of $126k (150k - 24k). But this year, Bob does some sportsbook gambling and has $50k of wins and $49k of losses, it looks like $1k of profit, but the IRS actually requires that them to report $50k of wins and then itemize $49k of losses. So now they have gross income of $200k and itemized deductions of $59k ($10k mortgage + 49k gambling loss) for an AGI of 141k.
By gambling, Bob and Linda have increased their AGI from 126k to 141k (1k of which is profit from gambling, 14k from the loss of the standard deduction (24k standard deduction less 10k of mortgage interest). So in the future, Bob and Linda better have 24k of itemized deductions outside of gambling losses so they don't get fucked in the ass?
Am I interpreting everything correctly? Bob and Linda got hosed because of the volume of the sports gambling, even if they made a small amount of profit (or none at all!). If my interpretation is correct, wtf is the IRS thinking? Any thoughts or suggestions?
Update - they sent me an email saying they have another 30 days to send the deposit due to damages. Although, please correct me if I’m wrong, the law (linked below) states they have to send the itemized deductions or the deposit within 30 days after the lease ends?
I contacted my landlord about our deposit not being returned and that I will go to small claims in a week if we don't have it. I also said I will be seeking my last month of rent, as I moved out a month before the lease ended, and he double dipped and let another person move in when I paid for the entire month. He responded and said that it has not been 30 days and now he is going to to deduct from our deposit, and that he will have his lawyer dismiss the suit and counter sue us (I'm not sure for what) *Lease ended May 30th, today is June 29th, so it has been 30 days. He said he will email the deductions. Kind of odd that when I told him 30 days has passed he just now brings up deductions to the deposit (it’s actually not odd, it’s something he would do).
He is also claiming that he can not legally send our deposit to our PO Box, and we have to give him a home address. I’m not sure what he’s referring to here. I’ve never heard of this before.
He is claiming that there was damage to the property when we moved out, but that is false. (I should have taken pictures).
At this point I wouldn’t be surprised if he created damage to use against me (although someone is living there). Could I somehow contact the current tenant to see if the landlord actually fixed these “damages”?
Here is the Wyoming law regarding deposits https://www.american-apartment-owners-association.org/landlord-tenant-laws/wyoming/#:~:text=Security%20Deposit%3A&text=Wyo.&text=Return%20of%20Security%20Deposit%3A%20A,new%20address%2C%20whichever%20is%20longer.
Hi there. I'm using TaxAct to file my 2020 return and am puzzled by one part of the questionnaire: the "California - Adjustments to Itemized Deductions - Gifts to Charity " page.
For some reason, it auto populated a $300 in the "addition" field on top of the Federal entry. Should I remove this $300 or keep it?
For background/clarity:
- So I gave $10K total to charity and relief programs last year. I listed this on my Federal and got $300 as part of the Standard Deduction.
- Now I'm doing my State Return and double checking if I need to do any adjustments. The "California - Adjustments to Itemized Deductions - Gifts to Charity " page lists the 10K as Federal, then autopopulated the "addition" field with $300.
Do I keep the $300 or delete this entry? Not really sure what this means.
Any help or advice is appreciated. Thanks!
Currently active duty military stationed in Virginia,
Just bought a duplex in virginia in which I'm living in one side & other side is rented out.
My state residency is Alaska, which means I dont pay income taxes.
Just turned 21 and Im all new to this and trying to gather as much info as I can , should I do the standard deduction or itemized?
If I do choose to itemize my deduction do I tally up only the sales taxes on the receipts or the Total?
I made 40k this year from wages and won 20k on sports betting. I have proof to show 20k of losses in sports betting as well. Am I able to itemize my deductions of 20k for losses to offset my income, even if I am not itemizing anything else? I am filing single if that matters. Thank you!
