2007-01-09 08:41:18 · 5 answers · asked by alex e 1 in Business & Finance ➔ Taxes ➔ United States
1 if you are only claiming yourself. The condo can only be deducted if it is your second property.
2007-01-09 08:46:04 · answer #1 · answered by Jfranc1 3 · 0⤊ 2⤋
Is the condo your personal residence? I think you're asking how many "withholding allowances" you can claim so your take home pay goes up (and year end refund goes down)? You need to estimate how much interest you'll pay for the year and see if that plus your other deductions are enough to be higher than the standard deduction. If they are, use the worksheet attached to each W4 to help you figure out how many allowances you can claim. The price of the condo and the loan interest rate will play a big part in the computations, so it's not possible to answer the question without knowing those.
2007-01-09 16:56:45 · answer #2 · answered by n2js 2 · 0⤊ 0⤋
That depends. If you use the worksheet on the back of the W-4 form, and include your estimate of how much you will pay in mortgage interest and property taxes on your condo in the year, you can figure out the number of withholding allowances you can claim.
2007-01-09 16:54:45 · answer #3 · answered by jseah114 6 · 0⤊ 1⤋
In my case, 2. The best answer is to use the withholding calculator on the IRS website.
2007-01-09 19:58:36 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
Depends, is it illegal to claim cockroaches as dependents?
2007-01-09 16:48:25 · answer #5 · answered by Anonymous · 0⤊ 1⤋