The larger amount is $920.50 and is interest only, and the smaller amount is around $380 and is Principal/Interest payment. They both go to different companies. We got a "no money down" mortgage (sticks in my throat even calling it a mortgage, but we had to). The entire payment is $1313 and change. I cannot re-finance until later this year, before anyone suggests it. We made our first payment in December 06. Thanks!!
2007-01-31 04:18:16 · 2 answers · asked by Curious In Ohio 2 in Business & Finance ➔ Taxes ➔ United States
If that's all you had for itemized deductions it's not worth itemizing. If you're Marred Filing Jointly, you need at least $10,300 in itemized deductions to beat the standard deduction.
You can only deduct interest, not principal. You'll receive a Form 1098 from the lenders that lists the interest that you paid.
You'll probaby have enough for 2007's taxes but not 2006.
2007-01-31 04:37:28 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You will receive a form 1098 from your mortgage company. This is what you would use, but it sounds like you did not pay enough to make a difference in taxes this year.
2007-01-31 09:11:16 · answer #2 · answered by growing inside 5 · 0⤊ 0⤋