Comments on: Income Tax Breaks in the Bailout Bill http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-deductions-in-the-bailout-bill/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Vishal http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-deductions-in-the-bailout-bill/comment-page-1/#comment-127187 Vishal Mon, 15 Dec 2008 15:18:38 +0000 http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-in-the-bailout-bill/#comment-127187 Good tips! is the $4k education a deduction or a tax credit? if it's a deduction, you save almost $1000 in taxes (i'm in the 25% bracket), but if it's a tax credit, that would be awesome.....(which I doubt it is) my understanding is, you can either take this or the learned/hope credit, correct? but not both. Good tips!
is the $4k education a deduction or a tax credit?
if it’s a deduction, you save almost $1000 in taxes (i’m in the 25% bracket), but if it’s a tax credit, that would be awesome…..(which I doubt it is)

my understanding is, you can either take this or the learned/hope credit, correct? but not both.

]]> By: Pamela @ Frugal Vet Tech http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-deductions-in-the-bailout-bill/comment-page-1/#comment-127179 Pamela @ Frugal Vet Tech Mon, 15 Dec 2008 04:26:40 +0000 http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-in-the-bailout-bill/#comment-127179 Thanks for the information. That tuition one will help us out. I know we had more than $4000 in education expenses this year (ouch). Thanks for the information. That tuition one will help us out. I know we had more than $4000 in education expenses this year (ouch).

]]> By: Bill M. http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-deductions-in-the-bailout-bill/comment-page-1/#comment-127166 Bill M. Sat, 13 Dec 2008 03:55:30 +0000 http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-in-the-bailout-bill/#comment-127166 From what I read and heard on the mortgage forgiveness is you do not have to pay income taxes on the difference of the adjusted amount if this up until 2012. From what I read and heard on the mortgage forgiveness is you do not have to pay income taxes on the difference of the adjusted amount if this up until 2012.

]]> By: Danielle http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-deductions-in-the-bailout-bill/comment-page-1/#comment-127164 Danielle Fri, 12 Dec 2008 20:08:31 +0000 http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-in-the-bailout-bill/#comment-127164 I have another question about this mortgage debt part... does it mean that you NEVER have to claim the income or just that it is delayed until 2012? I have another question about this mortgage debt part… does it mean that you NEVER have to claim the income or just that it is delayed until 2012?

]]> By: Chris http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-deductions-in-the-bailout-bill/comment-page-1/#comment-127158 Chris Fri, 12 Dec 2008 15:57:32 +0000 http://www.fivecentnickel.com/2008/12/12/income-tax-breaks-in-the-bailout-bill/#comment-127158 Can this mortgage debt passage be clarified? I negotiated settlement of the 2nd on my condo after I was 120 days late; so are they not going to 1099 me? Can this mortgage debt passage be clarified? I negotiated settlement of the 2nd on my condo after I was 120 days late; so are they not going to 1099 me?

]]>