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See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps!
"Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee."
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Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
Do i as a disabled veteran pay income tax on the disability payments?
If your disability payments are through the VA then they are tax free and are not considered taxable income.
How do you do a tax return for a merchant marine?
I have a merchant marine who has his permanent residence in puerto Rico and live in va for one month. What tax returns do I file?
Mclean va. tax assessors office phone number?
The phone number for the Tax Assessor for Fairfax County is (703)222-8234. The below website "Free Public Records Directory" has links for Fairfax County in case you have other questions.
If you owe money to the VA for a gi bill debt will the govt take your tax return?
Yes. Last year, I dropped a class that I had taken after getting one payment. The VA took that money back when my refund came back. It will also slow up your refund by a week or so.
Is the VA Funding Fee considered Mortgage Insurance for tax purposes?
no,
What percentage of disability is needed to waive a VA funding fee on home loans?
a veteran has to be of 100% disability i asked at the regional loan center in my area. m.Johnson Georgia
What are the differences between a Va mortgage and a convention mortgage?
VA has easier qualifying guidelines for borrowers. They also have a funding fee that can be good/bad. You wont have to pay a monthly PMI, and you can come with zero down. Rates are great, and have nothing to do with your credit score Conventional - harder guidelines, and you may have to pay a high monthly PMI payment. You maybe required to put 5% down or 10% down in a declining market. Your credit score/down payment will determine your rate. FHA has same guidelines as VA, but only has a 1.5% funding fee. You will be paying a 0.5% monthly mortgage insurance premium for at least 5yrs. Rates are usually better than a VA loan.
Do you have to show va payment on tax forms?
VA compensation payments for service connected disability is NOT reported as taxable income on your income tax return.
What is the Violation fee 313.01 In Hapers Farry West Va?
$1,000,000
What s the property tax for Alexandria va?
A lot
What is the 2011 gas mileage reimbursement for VA?
41.5 cents per mile less any deductible they may charge you.
Does va tax retirees pensions?
Yes, Virginia will tax a retirees pension if you are a citizen of the state.
What is stratford career institute VA employer identification number?
What is tax
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
How much are parliament cigarettes in VA?
I buy them for $5 even after tax at CVS.
If your house is va funded and you are behind on payments can the IRS keep your tax return?
The IRS itself has no interest in your tax refund, and they could frankly care less. However, the VA can have a judgment placed on you and seize your tax return for back payments, and the IRS will give it to them. They have to... it's the law.
