tutorials for numbers on mac tax information

If you bought or sold your home, you must prorate your taxes to determine the taxes that can be claimed for credit.

You should complete the Michigan Homestead Property Tax Credit Claim MI-1040CR to see if you qualify for the credit.

Homeowners pay property taxes directly and renters pay them indirectly with their rent.

You must be the owner and occupant or be contracted to pay rent and occupy the dwelling.

Cottages, second homes, property you own and rentlease to others, and college dormitories do not qualify as a homestead.

If you own your home, your taxable value was 135,000 or less (unless unoccupied farmland).

If you are not required to file an MI-1040, you may file the MI-1040CR by itself.

You have 4 years from the original due date to file your claim.

If you are blind and own your own home, complete the MI-1040CR and the MI-1040CR-2.

If you are blind and rent, you must use the MI-1040CR, you cannot use the MI-1040CR-2.

You may also include the administrative collection fees up to 1 percent.

Losses from business activity may not be used to reduce total household resources.

For a listing of income sources to include in total household resources, view Income and Deductible Items.

For assistance calculating the alternate credit refer to worksheet 4 Alternate Property Tax Credit for Renters Age 65 and Older in the MI-1040 Individual Income Tax booklet or the estimator available on the website.

If rent is paid on the land under the building, you may also claim 23 percent of that land rent.

Do not take 23 percent of your total monthly association fee) You may request a statement from the co-op showing your share of the property taxes.

If 100 of your income is received from the MDHHS, you do not qualify for a homestead property tax credit.

For assistance calculating the credit refer to worksheet 3 FIPMDHHS BENEFITS in the Michigan MI-1040 Individual Income Tax booklet or the estimator available on the website.

For those who received FIP assistance from the State of Michigan or other public assistance, you may be eligible to claim a home heating credit if you owned and occupied your home or were contracted to pay rent.

Any change in home ownership has an impact on the preparation of the Michigan Individual Income Tax Return MI-1040 andor Michigan Homestead Property Tax Credit Claim MI-1040CR.

If you have been involved in a mortgage foreclosure or repossession of your home, view Information For Mortgage Foreclosure Or Home Repossession And Your Michigan Income Tax Return.

If you paid additional taxes on attached buildings (garage, tool shed, etc.), then you may also claim that amount.

If you owned more than one home, you may only claim the prorated taxes for homes with a taxable value of 135,000 or less.

If you sell your home for more than you paid for it, plus improvements, you will have a capital gain.

In most cases the gain is not taxable, however, it must still be included in your total household resources.

Tutorials For Numbers On Mac Tax Information