I was just wondering if I can get less taxes taken out of my paycheck since I'm a homeowner now. Thanks
2006-07-14 10:01:36 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
no you may be able to deduct your mortgage interest. Consult a tax pro and see if you can change your deductions.
2006-07-14 10:06:24 · answer #1 · answered by Bear Naked 6 · 0⤊ 1⤋
You can change the number on your W4 at any time - it doesn't matter whether you are a homeowner or not. You can put any number on your W4 - you just need to be sure you don't claim too many exemptions so that not enough is taken out.
But just because you are a homeowner doesn't mean you can necessarily itemize this year. You'll only have 1/2 half year of interest, plus 1/2 year of property taxes. You might have paid points, so that would help you exceed the standard deduction.
2006-07-14 17:08:02 · answer #2 · answered by jamie5987 4 · 1⤊ 0⤋
Re the cookiesmom response: whether you itemize or not, you still get your personal exemptions. The itemized deductions are used in place of the standard deduction if you have enough - so it's just the $5000 ($10,000 if married filing jointly) that you have to exceed in order to itemize.
But would be a good idea to be sure of what total deductions you'll have before you cut down your withholding, or you could be stuck with a large tax bill, and penalties for underpayment, in April.
2006-07-14 22:03:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Regardless of whether you bought a condo or not you dont need that to claim exemptions, one thing for sure now you have agreat deduction with your owning the condo, but for exemption on the w4 you have to claim one for being single, then 1 for working on your job, one for self so you can either use 3 or 4. I am a tax preparer.
2006-07-14 21:06:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
only if youll be able to itemize...you have to have enough to cover the standard deduction of $5000 plus $3200 personal exempt (last years figures)...most ppls itemization stems from mortgage interest and property taxes because its the biggest expense on the form....any less than the $8200 wont help and i wouldnt suggest changing your form w-4 because of being a homeowner...there are other factors such as medical (anything over 7.5%of your agi) and contributions, nonreimbursed employee business expense etc....lot of people cant use though
2006-07-14 17:09:34 · answer #5 · answered by cookiesmom 7 · 0⤊ 0⤋
You didn't have to mention whether you owned or rented when you filled out your first W4, so don't make a change just because you bought a house.
Wait until February when you file your taxes, and see if you get a big refund (>>$2,000). If you do, then file a new W4 for 2007.
2006-07-14 18:08:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋