What kind of tax return can I expect to get back now that I pay mortgage interest?
January 29, 2009 by Tax Blog
Filed under Questions & Answers
My wife and I just bought our first home in Los Angeles and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly (both filed with 0 claimed dependants), and have a, before taxes, combined income of roughly $100k. The mortgage interest and property taxes for the year will total just over $30k. What kind of number could I roughly expect to get back in my taxes this year?
We don’t have any kids and no other deductable interest. Last year our return was under $3k.
California Lawyer’s Duty To Preserve Your Will
New California Probate Code Section 710 describes your attorney’s duty of care to preserve the estate planning documents you decide to leave with him or her and which he or she agrees to keep for you. Here is what the California law provides:
If a document is deposited with an attorney, the attorney, and a successor attorney that accepts transfer of the document, shall use ordinary care for preservation of the document on and after July 1, 1994, whether or not consideration is given, and shall hold the document in a safe, vault, safe deposit box, or other secure place where it will be reasonably protected against loss or destruction.
Your California lawyer’s duty to hold the living trust or will in a safe, vault, safe deposit box, or other secure place is a reasonable one, and allows reasonable periods for the document to be out of safekeeping for the purpose of examination or delivery in appropriate circumstances. At all times the document should be reasonably protected against loss or destruction, although what is reasonable may vary with the circumstances.
Discuss safekeeping your California will and living trust with Mitchell A. Port, a Los Angeles estate planning attorney who drafts those documents for his clients.
Revocation Of California’s Advance Health Care Directive
After working with your attorney in Los Angeles to avoid probate in California by preparing your will, living trust, durable power of attorney for property management and the advance health care directive, you now decide you want to revoke the directive. How?
California law provides that a patient having capacity may revoke the designation of an agent only by a signed writing or by personally informing the supervising health care provider. California law goes on to say that a patient having capacity may revoke all or part of an advance health care directive, other than the designation of an agent, at any time and in any manner that communicates an intent to revoke.
In other words, you may revoke the designation or authority only if, at the time of revocation, you have sufficient capacity to make a power of attorney for health care. The burden of proof is on the person who seeks to establish that you did not have capacity to revoke the designation or authority.
Discuss your estate plan with an experienced attorney. Call Mitchell A. Port in Los Angeles at 310.559.5259.
Types of Tax Law Attorneys
If you’ve come to the conclusion that you need a tax law attorney to help with your current tax problems or for tax advice, then you’ll want to know what kind of tax law attorney you need.
The fact is that tax attorneys come in different shapes and sizes, and they also come with a range of skills and expertise. Choosing the right kind of tax law attorney to handle your case is important so you can not only save time and money but you can also have the peace of mind of knowing that you have chosen the best tax law attorney to represent you.
In order to know the different types of tax law attorneys, you have to know the different types of taxation laws and tax problems and then find the tax law attorney with the greatest amount of knowledge, experience, and expertise in that particular field.
First of all there is the tax planning attorney. A tax planning attorney is an IRS tax law attorney that specializes in tax planning and will assist in reviewing and structuring your financial affairs in order to prevent the IRS from troubling you.
Then there’s the tax controversy attorney. Such a tax law attorney is needed if you already have a pending case filed in court because this type of tax law attorney is experienced in the courtroom and he or she is used to defending clients.
The property tax law attorney is an attorney with expertise in property tax, and they are the ones to look for when you wish to renegotiate your property taxes with the IRS and ensure that you are paying the right amount.
The bankruptcy tax law attorney specializes in handling bankruptcy cases. These types of attorney’s help their clients file for bankruptcy and ensure that all the information their clients provide about their finances is accurate and valid in order to achieve a positive outcome.
For more resources about irs tax attorney or even about tax attorney California and especially about tax attorney Los Angeles please review these links.