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Thread: Taxes

  1. Dreams come true... I am living mine
    Kris's Avatar
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    #1

    Taxes

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    Do you get a tax break for owning a house? If so is it anything to sneeze at?
    DREAMS CAN COME TRUE
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    #2
    You get to claim a certain amount of the interest paid, the points paid (if any) and the property taxes..
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  3. MilitarySOS Jewel
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    #3
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    Last edited by *skittles*; 01-04-2010 at 01:10 PM.
  4. Dreams come true... I am living mine
    Kris's Avatar
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    #4
    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?
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    #5
    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..
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    #6
    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.
  7. Dreams come true... I am living mine
    Kris's Avatar
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    #7
    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?
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    #8
    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.
  9. Dreams come true... I am living mine
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    #9
    Quote Originally Posted by gunsgirl View Post
    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
    DREAMS CAN COME TRUE
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    #10
    Quote Originally Posted by Kris View Post
    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!!
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