2006-08-30 05:02:47 · 10 answers · asked by twin1mbc 1 in Business & Finance ➔ Taxes ➔ United States
Well some people itemize. When you own a house you will get a form to submit for tax returns. However if you lets say bought your house in middle of the year then its not worth filing it. That is what happened to me. My tax advisor told me not to file.
2006-08-30 06:42:07 · answer #1 · answered by Keith Perry 6 · 0⤊ 0⤋
When you own a house you can take the interest from your payments off IF you itemize. You should receive a 1098 from the institution which you pay your house payment at the end of the year. Take this to your tax preparer and they should be able to figure out if it's enough to itemize. If you do not have enough itemized deductions to be more than the standard deduction it is not worth it to itemize. Also you can deduct your real estate taxes if you itemize too. This may or may not be on the 1098 if you have an escrow account. Be sure to add this in to you deductions on your Schedule A along with any donations you gave during the year, medical expenses including glasses and eye care, taxes you paid to the state, etc.
2006-08-30 12:29:12 · answer #2 · answered by in love with superman 3 · 1⤊ 0⤋
You can usually deduct the interest on your mortgage. That lowering of income reduces your taxes and might result in money back if you already paid in enough by payroll deductions.
If the house is partially rented by you to a tenant you can also deduct maintenance and depreciation on the rented part (but need to pay taxes on the rent).
2006-08-30 12:08:33 · answer #3 · answered by Rich Z 7 · 0⤊ 0⤋
Insufficient information to give you an accurate answer. If your mortgage interest and real estate taxes added to your other itemized deductions total more than the standard deduction for your filing status (married, single, etc...) then it will reduce your tax liability. If you've had more dollars withheld from your pay than your tax liability then you will receive a refund, regardless of whether you own a home or not.
2006-08-30 13:09:57 · answer #4 · answered by Adios 5 · 1⤊ 0⤋
You can deduct the interest and taxes but unless this amount adds up to be greater than your standard personal deduction, it isn't worth it. For example, last year the standard deduction for married people was $10,000.00. I couldn't come up with over that amount in deductions, so I just didn't itemize.
2006-08-30 12:37:59 · answer #5 · answered by Zelda 6 · 0⤊ 0⤋
You don't necessarily get "money back", but you get a tax deduction for the mortgage interest you pay.
2006-08-30 12:07:55 · answer #6 · answered by Elle 6 · 0⤊ 0⤋
You get to claim mortgage interest paid and points paid on schedule A of the 1040.
2006-08-30 13:08:12 · answer #7 · answered by Stephanie A 2 · 0⤊ 0⤋
it depends were you live
usually is not money back
only tax breaks
2006-08-30 12:11:25 · answer #8 · answered by J.C. 4 · 0⤊ 0⤋
You can deduct "the interest" from "your total income", which helps to reduce your taxable income. IE, Adjusted Gross Income.
You cannot deduct it from the actual tax liability.
2006-08-30 12:07:57 · answer #9 · answered by ed 7 · 0⤊ 1⤋
Not necessarily. It depends on many other factors.
2006-08-30 12:07:43 · answer #10 · answered by Marvinator 7 · 0⤊ 0⤋