Q:
Can I deduct VA funding fee taxes?
A:
Quick Answer
As of January 2015 and for tax years after 2006, the funding fee charged by the Department of Veterans Affairs is fully deductible on Schedule A in the year the mortgage contract was issued, subject to income limitations. The IRS treats the fee as a mortgage insurance premium.
Continue ReadingFull Answer
A VA funding fee is deductible whether it is included in the mortgage or paid in full at the closing. The deductible amount is shown in box 4 of Form 1098, Mortgage Interest Statement. If it is not shown on the form, the taxpayer must contact the mortgage insurance issuer. A taxpayer whose adjusted gross income is more than $109,000 (or $54,000 if married filing separate) cannot deduct mortgage insurance premiums or VA funding fees.
Learn more about Income TaxSources:
Related Questions
-
Q:
How do you file basic income taxes for 2012?
A: Start filing your 2012 income taxes by finding your W-2s, 1099s and other tax forms that demonstrate earned income for the 2012 tax year, advises TurboTax.... Full Answer >Filed Under: -
Q:
What are the IRS rules for deducting mileage?
A: The IRS allows taxpayers to deduct mileage from their income taxes if they use their cars for business. If people use current standard mileage rates for de... Full Answer >Filed Under: -
Q:
How do you use an income tax refund calculator?
A: Users enter information into a tax refund calculator about family status, income, expenses and taxes paid to determine the amount of their tax refunds, acc... Full Answer >Filed Under: -
Q:
How much tax does a married couple owe on $40,000 adjusted gross income in 2013?
A: A married couple with an adjusted gross income in 2013 of $40,000 pays $5,107.50 in income taxes, factoring in a 10 percent rate on the first $17,850 and 1... Full Answer >Filed Under:
