This will be the first year that I can claim my home on my taxes.... how much of a difference in my tax return will i get?..... considering my income has stayed pretty much the same?.....should i expect a difference of hundreds or thousands of dollars? ......
2006-12-05 12:35:49 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
How much total did you pay in house interest and taxes? Add that to your state and local taxes, then subtract $10,000 from the total if you're married or $5000 if you're single, then multiply by your tax bracket last year, and you'll have a rough estimate of how much more you'll get back this year than last year.
You're probably talking between a few hundred and a couple thousand.
2006-12-05 13:37:48 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
As the interest portion of the Mortgage and other closing cost you paid for buying the house is tax deductible you will definitely get a bigger tax refund provided you have not adjusted your tax deductions accordingly...
There are various web sites which helps you estimating the taxes for current year.Simply answer few of those questions and you can find out..
http://www.hrblock.com/taxes/tax_calculators/index.html
2006-12-05 12:47:03 · answer #2 · answered by MK 1 · 0⤊ 0⤋
Depends on how much of your mortgage was interest, not principle, expect, your taxes to be a few hundred back, not thousands.
2006-12-05 12:40:06 · answer #3 · answered by Kimberly H 4 · 0⤊ 0⤋
The interest you paid on your mortgage is deducted from your total taxable income.
It depends on your interest, loan type, etc. But it will be at least hundreds.
2006-12-05 12:44:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋