Hello Harbajan, when it comes to your personal residence there is no write offs from income taxes unless you are claiming a portion of your home as a business use, office space, storage of goods etc... Please confirm with your accountant how much you can write off but in general only rental income properties are subject to the write off you mentioned . If you or any reader would like to discuss this further please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 http://www.centum.ca/abraham_niyazi/ I have access to 25 Banks/Lenders across Canada and 11 years experience in the industry.

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I'm being charged $450 in advertising fees which will be deducted from my security deposit. the property mangement facility terminated my rental agreement because i lost my job. i wasn't behind on my rent. is this legal??

It certainly doesn't sound even close to being ethical. How can they kick you out just because you lost your job. That doesn't mean that you won't be able to get a new one. What if your parents lent you money until you got back on your feet. The whole thing really sounds fishy to me. Advertising fees is just part of them doing business; if they kicked you out then they brought it upon themselves to have to advertise. If they weren't so quick to tell you to take a hike then they wouldn't need a reason to advertise. It sounds as though there is something below the surface going on here and I would gather to say that it isn't legal or isn't on the up and up.

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My mother had to defend herself against a crooked contractor. it cost her $12,000 in legal fees. the work was done on her home. she also owes several rentals, and a restarant. i thought there was a rule that you can deduct legal fees for suits, to protect income generating property. are there any deductions for just protecting your assest. he was suing for 40,000 saying she did not pay him, although she did. he was not licenced when doing the work so he said if she paid him in cash he would give her a break. any thoughts.

The cost of litigation relating to her personal residence is not deuctible, unfortunately. She should consult a tax advisor to determine whether the cost can be added to the basis of her residence to reduce the gain, if any, realized upon a later sale. I would think that, if she was entitled to reimbursement of legal fees under applicable law, that would have been established as part of the original litigation. She should consult an attorney before concluding that she can recover those costs in a lawsuit. Traditionally this is not allowed, though in some cases legal fees are allowable by statute. She should consider whether state consumer protection laws give her a right to sue for her costs. This is only general advice. She should consult a qualified attorney for complete guidance.

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So a rental trailer that my landlords had been working on was broke into the other day by my now ex friend. the police caught him about 10 mins later, but because he knocked out a $157 dollar window to get in, my landlords are wanting me to pay for it because he was my guest and staying over the night. my question is should i be held liable for my friend doing this crime? in my lease in states.... (a) security deposit and replenishment. upon the execution of this agreement by landlord and tenant, tenant shall deposit with landlord the sum of _____two hundred___________________ dollars ($___200.00______), receipt of which is hereby acknowledged by landlord, as a security deposit for any damage caused to the premises during the term hereof. “security deposit” has the meaning assigned to that term in §92.102 of the texas property code. in the event that landlord shall at any time apply any of such security deposit to cover unpaid rent, the late fee, costs to repair damage caused to the premises, or any other fees or charges owed by tenant under this agreement, then, upon the request of landlord to tenant specifying the amount so applied, tenant shall immediately deposit with landlord, as an additional security deposit, the amount so applied, so that the security deposit held by landlord shall at all times during the term hereof be equal to the aforementioned amount specified in this section. if deductions exceed the security deposit, tenant will pay to landlord the excess within ten (10) days after landlord makes written demand. (e) landlord may deduct reasonable charges from the security deposit for the items listed below. 1. damages to the property, excluding normal wear and tear; if deductions exceed the security deposit, tenant will pay to landlord the excess within 10 days after landlord makes written demand. 2. attorney’s fees, costs of court, costs of service, and other reasonable costs incurred in any legal proceeding against tenant; 3. costs for which tenant is responsible to clean, deodorize, exterminate, and maintain the property; 4. costs of reletting (as set forth in paragraph 22), if tenant is in default; 5. landlord’s cost to access the property if made inaccessible by tenant; 6. mailing costs associated with sending notices to tenant for any violations of this lease; 7. missing or burned-out light bulbs and fluorescent tubes (at the same location and of the same type and quality that are in the property as of the commencement date of this agreement); 8. packing, removing, and storing abandoned property; 9. removing abandoned or illegally parked vehicles; 10. replacing unreturned keys, security devices, or other components; 11. the removal of unauthorized locks or fixtures installed by tenant; 12. unpaid charges or fees for which tenant is responsible under this lease; 13. unpaid late charges (as set forth in paragraph 21); 14. unpaid or accelerated rent (as set forth in paragraph 20); 15. unpaid pet charges (as set forth in paragraph 17); 16. other items tenant is responsible to pay under this lease. damage to premises. in the event the premises are destroyed or rendered wholly uninhabitable by fire, storm, earthquake, or other casualty not caused by the negligence of tenant, this agreement shall terminate from such time except for the purpose of enforcing rights that may have then accrued hereunder. the rental provided for herein shall then be accounted for by and between landlord and tenant up to the time of such injury or destruction of the premises, tenant paying rentals up to such date and landlord refunding rentals collected beyond such date. should a portion of the premises thereby be rendered uninhabitable, the landlord shall have the option of either repairing such injured or damaged portion or terminating this lease. in the event that landlord exercises its right to repair such uninhabitable portion, the rental shall abate in the proportion that the injured parts bears to the whole premises, and such part so injured shall be restored by landlord as speedily as practicable, after which the full rent shall recommence and the agreement continue according to its terms.

You are liable to your landlord for all damages caused by you or your invited guests. Your friend is liable to you.

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2.earl entertains several of his clients on january 1 of the current year. expenses are as follows: cab fare $50 cover charge at supper club $120 dinner at club$420 tips to waiter$ 100 a.$310 b.$345 c.$370 d.$430 e.none of the above 3.iris, a calendar year cash basis taxpayer, owns and operates several tv rental outlets in florida, and wants to expand to other states. during 2009, she spends $14,000 to investigate tv rental stores in south carolina and $9,000 to investigate tv rental stores in georgia. she acquires the south carolina operations, but not the outlets in georgia, as to these expenses, iris should: a.expense $23,000 for 2009 b.capitalize $14,000 and not deduct $9,000 c.expense $9,000 for 2009 and capitalize $14,000 d.capitalize $23,000 e.none of the above 4.in 2010, rick had the following insured personal casualty losses ( all arising from one casualty). rick aslo had $18,000 agi for the year fair market value insurance asset adjusted basisbefore afterrecovery a$1,200$1,100 $300$100 b$3,000$2,000 -0- $500c$700 $900 -0- $200 rick’s casualty loss deduction is: a.$400 b.$600 c.$800 d.$1000 e. $1,400 5.which of the following items would be an itemized deduction on schedule a of form 1040 not subject to the 2%-of-agi floor? a.professional dues paid by an accountant (employed by ford motor co.) to the national association of accountants. b.gambling losses to the extent of gambling winnings c.job hunting costs d.tax return preparation fees e.none of the above 6.phil is advised by his family physician that his dependent son, tony, needs surgery for a benign tumor in his leg, phil and his son travel to rochester, minnesota, for in-patient treatment at the mayo clinic, which specializes in this type of surgery. phil incurred the following costs: -round-trip airfare ($375 each)$750 -phil’s hotel in rochester for four nights ($105 per night)$420 -phil’s meals while in rochester$150 -tony’s medical treatment$1,500 -tony’s presciption medicine$300 compute phil’s medical expenses for the trip 9 before the 7.5% floor) a.$2,525 b.$2,545 c.$2,825 d.$2,900 e.none of the above 7.a participant, who is age 38, in a cash or deferred arrangement plan [401k] may contribute up to what amount in 2009? a.$12,000 b.$15,500 c.$16,500 d.$20,500 e.none of the above 8.which, if any, of the following expenses is subject to the 2%-of-agi floor? a.union dues of an employed machinist b.moving expenses (not reimbursed by employer) c.teaching supplies (up to 250) purchased by a fifth grade teacher d.gambling losses ( to the extent of gambling gains) e.none of the above 9.harry divorced wanda during the year. he incurred the following legal expenses as itemized on the bill from his attorney -fees related to property division$500 -fees related to the determination of dependency exemption $150 -general legal fees incident to divorce$900 how much can harry deduct? a.$0 b.$150 c.$650 d.$1,550 e.none of the above 10.which of the following is not relevant in deciding whether an activity is profit-seeking of a hobby? a.the time and effort expended b.the expertise of the taxpayers or their advisers c.the history of income or losses from the activity d.the tax benefits of the activity to the taxpayer e.all of the above factors are to be considered 11.during the current year, hugh, a self-employed individual, paid the following amounts: -real estate tax on iowa residence $3,800 -state income tax$1,750 -real estate taxes on land in puerto rico (held as an investment)$1,100 -gift tax paid on gift to daughter$1,200 -state occupational license fee$300 -property tax on value of his automobile (used 100% for business) $475 what is the max amount hugh can claim as taxes in itemizing deductions from agi? a.$6,600 b.$6,650 c.$7,850 d.$8,625 e.none of the above 12.trade and business expenses should be treated as: a.a deduction from agi subject to the 2%-of-agi floor b.a deduction from agi not subject to the 2%-of-agi floor c.deductible for agi d.an itemized deduction if not reimbursed e.none of the above

Go to irs. gov and look up the info.

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I entered into a written lease with a woman who claimed to be the "fee owner" of the certain real property (single dwelling home, in which she also was living). i'm having some difficulty with her regarding security deposits and other lease discrepancies., but besides that.. i sought some advice from a law student who was taking the bar next year. she said my lease may be void or have some messy discrepancies because she claims to be the landlord and fee owner as stated in the lease. but this "landlord" has told me personally that she is not the owner of the house but a tenant as well, and that a gentleman (who she would not give me a name or contact number) is on the mortgage and according to her he gave her the authority to enter into lease agreements between other tenants and herself regarding his property on his behalf. however, his name is not listed on the lease whatsoever, nor is his signature verifying and acknowledging her as fee owner on his behalf. i found out about this "mysterious owner" because i had received a text from her because she wanted to charge me outrageous cleaning fees and wanted to deduct it from the security deposit, and when i confronted her on it. she said it was "per "" (she gave me only a first name) then said the owner of the house. i said who and then she said it was the property owners adult son who acts on his elderly fathers behalf regarding the house? again, no signatures were entered onto the lease besides me as tenant and her as landlord/fee owner.. i had no idea someone else was authorizing her to act as landlord and collect my rent checks.(if they even really were that is, hmm) so what do you think? is that still perfectly legal or was my contract never valid without owners name or written consent on the lease authorizing her to call herself "landlord" and "fee owner"? for all i know she is renting from him legally and then making these bogus leases to rent out the other rooms to cover the rent she is supposed to owe the real owner making a profit from us other tenants!. eek the law student was not entirely sure on what to tell me, as she informed me her classes haven't really gotten into rentals/real estate yet ;) i really wish i could get her to give me a full name and contact number of this owner. if this gentlemen had no idea she was subletting and renting out rooms, i could have been considered trespassing the entire time! so is it possible she has authority to act as fee owner even if his name is not on the lease i signed with her or a signature stating authorization that she is only fee owner and not real owner? hmm. i was under the assumption she was on the mortgage the way she worded the lease as landlord. and p.s. i am in california

This is a sublease and she is legally your landlord. You CANNOT just void a lease!! Subletting is typically illegal, but that does not void the lease. The lease itself is legal and binding. In a sublease the owner is not involved at all. She does not legally have to give you any of the owner's info. He does not have to acknowledge your lease in any way for it to be legal. The owner's signature is not required any were on a sublease. It is normal for a sublease to never have any dealings with the owner. If this was not authorized by the owner then you would be considered an unauthorized tenant and both of you could have been evicted. These are just the chances you take when renting a room from someone. If they are not upfront with you, then you have no way of knowing if it is a sublease or not. EDIT: It is quite possible that it was authorized. All leases are worded as if the landlord is the owner.