Hidden Tax Deductions in Chapter 13
March 20, 2020
There are possible tax deductions in your Chapter 13
The most common:
Mortgage interest. If you are paying mortgage arrears through your Chapter 13 plan.
Real Estate taxes. Even if one has an escrowed account with their mortgage lender it deductible. Also, some individuals are paying back real estate taxes: what is paid through Chapter 13 is likely deductible.
Business Expenses. This includes Ride Share drivers as well has clients who are operating traditional businesses.
GO BACK TO PRIOR TAX YEARS
Tax returns are generally amendable for 3 years.
Disclaimer: Robert J Adams & Associates concentrate our practice in bankruptcy law. We are neither accountants nor income tax experts. Defer to your income tax professional.
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