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What can I itemize on a VA loan & VA money & SSID is the only income I have.

IRS calls my income un-earned income and can not have a IRA or Rolf acct or anything like that. Just what can I deduct , I pay taxes on my VA loan. Why? Broguht this house and having to do all kinds of inside and outside work. What % can I write off? VA will give me no answers and the bank (Sun Trust) seems to have no answers at all. I have been here 1 year this month and have all my receipts for work done. I am rated 100% Perm., & Total by VA. Why can't I write off the % due me? redoaks198@att.net Thank You, Bill
By redoaks198143 from CA Sep 3rd 2014
Reply

You need to talk to a tax professional. Most people who respond here are mortgage professionals.

Sep 3rd 2014

I agree with Andrew - you need to contact someone that is a tax expert, not mortgage professionals. You can also research the IRS website but, in general, you can deduct the interest you pay on a mortgage and the property taxes you pay on schedule A of your IRS tax return and most states allow the same. Home improvements to your residence I don't believe are deductible on your income taxes. It sounds like you might be confusing property taxes with income taxes which are two diffent things. If you have no taxable income you can't take advantage of the tax benefits of owning a home.

Sep 3rd 2014

Talking to a tax professional should shed some light on things.. but in general, because your income right now is "Insurance", it's not subject to taxation. If you don't pay taxes, then there is no need for you to write off anything, since write offs are used to lower your taxable income (which you have none). The same applies to IRA's and Roth IRA's.. these are investments with deferred tax or tax free shelters, but since you have no taxable income, it's not necessary for your scenario. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Sep 3rd 2014

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