we got a few hundreds more after we bought another property which i thought it will be doubled.
2007-03-04 03:38:47 · 4 answers · asked by Jun 1 in Business & Finance ➔ Taxes ➔ United States
You get to take the interest deduction and property taxes for your first and second home. So a few hundred dollars sounds about right, it could be more if you paid excessive amounts of interest and points:
$10,000 interest x 15% bracket = $1500 higher deduction
2007-03-04 03:58:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You get more refund by writing off the interest on your home. And you can only get so much back too. It is possible that you payed off most of your interest on your first home and now the second is kicking In a little bit.
2007-03-04 11:43:15 · answer #2 · answered by Answer-O-Matic 3 · 0⤊ 0⤋
It all depends on whether it is revenue property or raw land and how much you depreciate it. If you depreciate it now you will get more tax . But if you sell it at real market value later you will pay more then
2007-03-04 11:48:08 · answer #3 · answered by Jerry G 4 · 0⤊ 0⤋
IF YOU ARE MAKING PAYMENTS-PAYING INTEREST-YES.
2007-03-04 11:41:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋