I bought a house about a year and half ago, I paid almost about $11000 in intrest. Will I get at least part of it back when filling tax and if so should I do itemize filling? Please help.
2007-02-21 08:12:11 · 7 answers · asked by hahol 1 in Business & Finance ➔ Taxes ➔ United States
You report the mortgage interest on the Schedule A, You will have to file the form 1040 to itemize your deductions.
You can only deduct the interest paid during the tax year
http://www.irs.gov/pub/irs-pdf/f1040sab.pdf (Sch A)
http://www.irs.gov/pub/irs-pdf/i1040sa.pdf (instructions)
Itemizing can lower your taxable income thereby lowering your tax liability and increase you refund
2007-02-21 08:16:35 · answer #1 · answered by Anonymous · 3⤊ 1⤋
You should defiantly itemize since you will be over the "standard deduction" amount.
On Sched. A you will report all your mortgage interest and the property taxes paid in 2006. The interest will be reported on Form 1098. IF you paid the property taxes through your mortgage company, not typically done, the property taxes will also be on Form 1098. In MOST cases, you will have a canceled check as a record of the payment.
These deductions will help to lower your tax liability. The amount you get back will depend on your income, withholding, filing status, dependents, other deductions, etc...
2007-02-21 08:29:51 · answer #2 · answered by Dizney 5 · 0⤊ 2⤋
Mortgage interest is deductible if you itemize. The final value of the deduction will depend upon your filing status and your tax bracket.
2007-02-21 08:38:55 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can itemized your deductions and you will get some money back, I did some taxes last week and that person got around $400 for his itemized deduction he was single and paid around $7000 including city taxes and interest... (Also depends how much money you made and how much taxes you paid)
Good Luck
2007-02-21 08:23:29 · answer #4 · answered by Nita 2 · 0⤊ 1⤋
expensive Sue: seem on the 1098 issued for the fee of loan interest and the social protection huge style on the style. The persons huge style on the style is the guy who can deduct the interest. this recommendation became arranged in line with our information of the tax regulation in effect on the time it became written because it applies to the info which you provided. click on my profile to study extra. Errol Quinn Enrolled Agent grasp Tax consultant
2016-11-24 22:29:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Mortgage Interest and Property Taxes are on Form 1098 and you report them in Schedule A. Your mortgage co. should have sent you one already. If not, contact them or you can usually get on on-line. Interest and taxes are 100% deductible, and the standard deduction is $5,150 if single and $10,300 if married filing jointly, so you should definitely itemize.
2007-02-21 08:20:01 · answer #6 · answered by Icey12 2 · 1⤊ 3⤋
Yes you will Itemize for any interest paid that exceeds $5,500, see your tax consultant.
2007-02-21 08:15:27 · answer #7 · answered by Anonymous · 0⤊ 5⤋