Taxes - Ask Rich / Money 101

Kris · 10-30-2009, 10:01 PM

Do you get a tax break for owning a house? If so is it anything to sneeze at?

Amberlyn · 10-30-2009, 10:02 PM

You get to claim a certain amount of the interest paid, the points paid (if any) and the property taxes..

*skittles* · 10-30-2009, 10:02 PM

its ok....Get to deduct interest, which for the first few years is substantial

Kris · 10-30-2009, 10:04 PM

ooo so how do I go about figuring out what dh and I will get? Will it hurt us that we only bought the house in June?

Amberlyn · 10-30-2009, 10:06 PM

It won't hurt you... Just do Turbotax if you want to do an estimate.. you can run numbers through them.. without filing or it costing..

Nittany · 10-30-2009, 10:18 PM

you will be able to deduct property tax and the interest on your loan. so add up how much you'll pay in property tax and interest this year and multiply by your tax bracket. for example [$5000 (property tax) + $8000 (interest)] * 25% (my tax bracket) = $3250. If I didn't have those two expenses, I would have saved $13000, but paid $3250 in taxes on it. you can also deduct any points paid when you got your mortgage.

Kris · 10-30-2009, 10:33 PM

ohh golly I have no clue that information. Will I get some kind of form that will tell me? Or do I need to pull out all my mortgage information?

gunsgirl · 10-31-2009, 07:37 AM

Kris, you will get a statement in Dec or Jan from the loan co.

it will contain all the info you need to file your taxes.

for us it is about 6,000 dollars a yr.

Kris · 10-31-2009, 08:15 AM

Originally Posted by gunsgirl

Kris, you will get a statement in Dec or Jan from the loan co.

it will contain all the info you need to file your taxes.

for us it is about 6,000 dollars a yr.

THANK YOU THANK YOU THANK YOU!!!! I am a little slow on the pick up here I think LOL

gunsgirl · 10-31-2009, 08:22 AM

Originally Posted by Kris

THANK YOU THANK YOU THANK YOU!!!! I am a little slow on the pick up here I think LOL

LOL your cool, you just closed!! goodness girl be nice to yourself!!

10-30-2009, 10:01 PM	#1 (permalink)
Kris Finding strength one day at a time Join Date: Aug 2006 Location: Suffolk, Virginia Posts: 16,526 Classifieds: (2) Activity: 63% Longevity: 55%	Taxes Do you get a tax break for owning a house? If so is it anything to sneeze at? __________________ Yes I know I am smoking hot

10-30-2009, 10:02 PM	#2 (permalink)
Amberlyn Senior Member Join Date: Oct 2009 Location: Northeast PA Posts: 1,014 Classifieds: (0) Activity: 82% Longevity: 1%	You get to claim a certain amount of the interest paid, the points paid (if any) and the property taxes.. __________________ my sexy beast.. and me

10-30-2009, 10:04 PM	#4 (permalink)
Kris Finding strength one day at a time Join Date: Aug 2006 Location: Suffolk, Virginia Posts: 16,526 Classifieds: (2) Activity: 63% Longevity: 55%	ooo so how do I go about figuring out what dh and I will get? Will it hurt us that we only bought the house in June? __________________ Yes I know I am smoking hot

10-30-2009, 10:06 PM	#5 (permalink)
Amberlyn Senior Member Join Date: Oct 2009 Location: Northeast PA Posts: 1,014 Classifieds: (0) Activity: 82% Longevity: 1%	It won't hurt you... Just do Turbotax if you want to do an estimate.. you can run numbers through them.. without filing or it costing.. __________________ my sexy beast.. and me

10-30-2009, 10:18 PM	#6 (permalink)
Nittany Senior Member Join Date: Aug 2009 Location: DFW Area/Afghan Posts: 443 Classifieds: (0) Activity: 28% Longevity: 4%	you will be able to deduct property tax and the interest on your loan. so add up how much you'll pay in property tax and interest this year and multiply by your tax bracket. for example [$5000 (property tax) + $8000 (interest)] * 25% (my tax bracket) = $3250. If I didn't have those two expenses, I would have saved $13000, but paid $3250 in taxes on it. you can also deduct any points paid when you got your mortgage. __________________

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10-30-2009, 10:02 PM	#3 (permalink)
skittles MilitarySOS Jewel Join Date: Mar 2009 Location: Savannah, GA Posts: 2,495 Classifieds: (0) Activity: 92% Longevity: 11%	its ok....Get to deduct interest, which for the first few years is substantial

10-30-2009, 10:33 PM	#7 (permalink)
Kris Finding strength one day at a time Join Date: Aug 2006 Location: Suffolk, Virginia Posts: 16,526 Classifieds: (2) Activity: 63% Longevity: 55%	ohh golly I have no clue that information. Will I get some kind of form that will tell me? Or do I need to pull out all my mortgage information? __________________ Yes I know I am smoking hot

10-31-2009, 07:37 AM	#8 (permalink)
gunsgirl I love cats Join Date: Jul 2007 Location: kingsland GA/ HITRON JAX Posts: 4,370 Classifieds: (3) Activity: 60% Longevity: 39%	Kris, you will get a statement in Dec or Jan from the loan co. it will contain all the info you need to file your taxes. for us it is about 6,000 dollars a yr. __________________ GA licensed Realtor Dawn