recieved my statement from paying my mortage showing how much taxes i have paid for the year how much of this will i get back when i file my taxes.
2007-02-12 11:52:07 · 4 answers · asked by gottabme24 2 in Business & Finance ➔ Taxes ➔ United States
At best, you get a percentage similar to the one that your tax bracket is in.
2007-02-12 11:57:28 · answer #1 · answered by Anonymous · 1⤊ 1⤋
If you itemize deductions you can claim the mortgage interest and property taxes. Your total itemized deductions must exceed your standard deduction to make itemizing worthwhile.
The deductions reduce your taxable income. How much they are worth depends upon your tax bracket. Without knowing ALL of your financial details, it's not possible to put a dollar value on it. You most certainly do NOT "get it all back" however.
2007-02-12 19:58:36 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
You will not get any of the Mortgage Interest back, If you are itemizing your deductions rather than taking the standard deduction, You would report the Interest on Schedule A, along with your other itemized deductions and the total of the Schedule A is claimed on the deduction line of the 1040. You either Itemize or take the Standard deduction, you can not do both.
The deduction amount lowers your taxable income
Publication 936
http://www.irs.gov/publications/p936/index.html
2007-02-12 20:04:25 · answer #3 · answered by Rob 7 · 1⤊ 1⤋
Most likely none unless you your total mortgage INTEREST, real estate taxes and state income taxes exceed $10,300 (married). Even then the effect is slight in most cases.
2007-02-12 20:25:38 · answer #4 · answered by Thinker 7 · 0⤊ 2⤋