i know it depends on your house, state etc....how about kentucky and military? One person working?
2006-12-07 00:53:03 · 4 answers · asked by juniper 1 in Business & Finance ➔ Taxes ➔ United States
When you own a home your property taxes and mortgage interest are deductions. That means that they reduce your taxable income. But there are a number of additional factors that need to be evaluated.
As a basic calculation, you can take your gross income and subtract the amount you pay for mortgage interest and property taxes to determine your taxable income. From there you would apply your tax rate. But you would also need to factor in other deductions as well as exemptions to really come up with the numbers.
Keep in mind that in some places mortgage interest and property taxes alone are not enough to make you eligible for itemizing your deductions. Your standard deduction may be higher than these other two numbers so it does not benefit you to try to itemize.
2006-12-07 02:45:29 · answer #1 · answered by nova_queen_28 7 · 0⤊ 0⤋
You can deduct the amount of interest you paid to your mortgage company for the year. That does not mean you get that money back, it just means that you don't get your salary taxed on the amount you paid on interest for your house.
For instance, if you made 50,000 one year, and paid 8,000 in interest to your mortgage, then you will only get taxed on 42,000 for the year (of your salary). So, you will get back the taxes you paid on 8,000 of your salary.
2006-12-07 01:18:47 · answer #2 · answered by Strategic Sourcing Expert 4 · 0⤊ 0⤋
Hi,friend
Sorry to bother you .
I have a store on yahoo.we main sell chinese Antique,Jewellery ,pearl;name brand watch,MP3,MP4,kinds of Memory ;Nike,adidas ,Polo , more name brand clothes and kinds of Musical Instruments and so on .if you have free time ,i hope you can click my store .if you interesting in purchase ,i hope you don't miss this choice ,We are sincere serve for you,if you like our store ,i hope you can tell your friend .my store link is www.llpshop168.com ,i am a new yahoo user ,i hope you can give the precious suggestion for me .
our service msn is llpshop168@hotmail.com ,llpshop168@hotmail.com
my yahoo message is llpshop@yahoo.com
ICQ:357779734
Best wishes for you and your family
llpshop168
2006-12-07 03:19:11 · answer #3 · answered by iyiu h 1 · 0⤊ 1⤋
Too many variables to determine anything with what you posted.
2006-12-07 00:57:10 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋