The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-20

street Improvement can be deducted from
your incoine2
10 A man owns and lives In HI. ow9
neceesary repairs from his income on 'hat
Answer--u) The law specifically states
that taxes assessed against local bene-
fits are not allowable deductions. We
presume this was specified In the law
on the theory that such local Improve
ments enhanced tho value Of the adjacent
property
t2) He can deduct the taxes only.
DeAactions.
lss-c; p; y. W Provided one paid IN
Z: isc p.y0 S:asS s @ such
for rr9y,ded Gse paid ii P, bsia iase,
tsj Provided one paid in March. 1919
interest on mortsas. for the sig month,
preyiou, san such payment be Included
90 provided . relative live. with one
iained propor,iona,s par, Of ta) the interes,
on the house Investment. OBJ the taxes
holder have to include such payment as
part Of his gross income or In such a case
does he act as an agent in cooperative
90 II not an agent In the above cose. IL
he boarding house keeper with one
boarder. with income and expenses bal
ancingr
Answer-U No.
CD No. only two-thirds.
CD According to the latest rulings we
think that II the interest were not due
and payable until March ! or later II can
be deducted.
H) II In not necessary for you 20 in
clude such payments as part of your gross
income. but You should deduct from your
gross income only that portion OF the
taxes and interest that you pay.
80 See answer TO 90.
Travelling Man.
i.O-E ;. travel ON ,he road the mole
year around. have no home or legal resi-
wher.' Ny income 4. from commIssion.
count so do not know how much Il costs
10 do business. A, the end Of cacn year
the house tells me how much money /
have drawn. Sometimes II L. as high a.
5000 and sometimes !, is a. low as 5000
| up the following year Have no idea what
money make net per year as ! spend Il
II not look 20 you as ~ there would he no
tax Cor me to pay
Answer--You should make as accurate
an est mate ~ possible OF your earnings
and expenses II your net earnings Tor
the period March TO December 81. 1913,
exceeded $500 you are required to make
return We suggest that from now on
you keep a record OF your receipts and
expenditures.
All travelling expenses are allowable
deductions In figuring your net income
You should nle your return with the coll
lector OF internal revenue for the district
In which the company for which you work
Is located.
No Return Necessary.
ELF T u My gross income for ten
months IL $4,000 From city and state
bonds and dividends from bank stocks
81 900. subject TO the tax, 81 500, 10 |
have - nle report II 90. under what
heading do deduct the income from city
Answer--You do not have TO file a re-
turn.
Depreciation.
1877 NJ How much can l deduct for
n year on the original cost OF construction
TOO much
A building erected In. say. 1918 with all
the up 20 date requirements, steel corstruc-
ton, reinforced concrete. &c. costing $50 coo
would be worth nothing AT the end of atty
Years II would he old fashioned and onso-
lete. Perhaps a. the end Of nifty years YOU
could not reproduce II for less than ga. 900
but would YOU want to and would you be
permitted to?
Answer-You are allowed 70 deduct \
reasonable amount. Any real estate man
can tell you what is reasonable
amount