2007-01-06 02:56:30 · 6 answers · asked by mikeb721 4 in Business & Finance ➔ Taxes ➔ United States
It might. In the first several years of a mortgage, it probably will. You can deduct mortgage interest and property taxes on Schedule A. If your total itemized deductions is higher than the standard deduction for your status, then itemizing saves you taxes, and if you get a refund already, it'll be bigger.
But just owning a home doesn't do it. For people with homes paid off or nearly paid off, it probably doesn't save them anything on taxes.
2007-01-06 12:34:41 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
There are alot of tax credits that home ownership will allow you that renters do not qualify for; however, you have to exceed the standard deduction in order to itemize them. I own a home but our expenses do not exceed the standard deduction so it neither increases nor decreases our tax liability.
2007-01-06 03:00:28 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Yes, if you itemize, as most new home owners do. You will be able to write off interest, taxes, charitable donations etc., & typically this is more than the standard deduction.
2007-01-06 02:59:45 · answer #3 · answered by Anonymous · 1⤊ 0⤋
once you acquire your position, did you shrink your tax withholding to account for the further deductions and consequently higher your take abode to assist hide the loan fee? in case you probably did, it truly is the reason your refund remains so low. even as i purchased my abode, I replaced my withholding to account for the recent deductions. even as my refund from year to year extra or less remained a similar, my take abode higher by over $a million,000 a month.
2016-12-01 22:07:22 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It can, because you can claim all the interest you pay on the mortgage. It really helped me!
2007-01-06 02:59:09 · answer #5 · answered by kestie77 3 · 0⤊ 0⤋
Yes it will
2007-01-06 02:58:33 · answer #6 · answered by rjj 1 · 0⤊ 0⤋