Disability Tax Exemptions

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Trust Fund Income Tax Exemptions

Trust Fund Income Tax Exemptions

    Many people think that trust funds are just for the rich and the famous. However, this is not true. A trust fund can be set up by anyone and it definitely offers a lot of tax exemptions for a range of income levels.More...


Disability Tax Exemptions 

        A healthy person would describe a disability as an inability to perform certain activities because of impairment. However, we have to realize the disability can be either mental or physical, and it is not restricted to just physical.  

        The different types of disability are further categorized into acquired or developmental. A person is considered disable if he or she is not capable of performing regular activities like work and they can get various facilities and flexibilities based on the type of disability. One such flexibility that is given to disabled people is disability tax exemptions.

        To be eligible for disability tax exemption, a person must have a certified and documented evidence of a physical or mental impairment that limits the person’s ability to do one or more activities that are important. Based on the person’s annual income, the maximum disability tax exemption for property tax cannot exceed $35,400 and this exemption can reduce the taxes by as much as 50 percent. In addition, the property must be the legal residence of the disabled person and it should be used just for residential purposes.

        In order to qualify for a disability tax exemption, the person must have letter from Social Security Administration which certifies that the person receive Social Security Disability Insurance. If the person is visually challenged, then he must have a certificate from the State Commission for the Blind and Visually Handicapped stating that the person is legally blind.

        In the US, different states specify their own limits for disability tax exemption. However, every state follows the same code of laws but the states have the authority to interpret the laws in different ways. This is what makes the exemption differ from one state to the next.

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Disability Tax Exemptions

 

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( Disability Tax Exemptions )