What can I expect for my taxes next year, I have puchesed a home and would like to what to expect?

Question

what money can I get back, or will I most likely owe??

Answer 1

Since you have not provided any details whatsoever, there's NO possible way to answer your question. It's like asking, "How much does a car cost?"

Answer 2

Hello, Chrissy; congrats on the home purchase! As the others have stated, it is impossible to provide you with much help without knowing more details.

However, if you just wanted some general information about what kind of tax benefits for which you might qualify, I highly recommend that you read through IRS Pub 530 (linked below). Your primary benefit will be an increase in itemized deductions because of your mortgage interest, mortgage insurance (if applicable), and real estate taxes. If you paid any sales taxes in connection with the purchase, those might also be deductible.

I have provided links in both HTML (regular web browser) and PDF (Adobe) formats. There is also an updated link regarding the mortgage insurance premiums, because that is a new deduction in 2007 and Pub 530 has not yet been updated to reflect it.

Answer 3

I can't tell you what your taxes will be like since there are no parameters to the question. (Income, marital status, kiddos, etc). I can tell you some common deductions that you may want to keep records on.

When you file your taxes, you can take a standard deduction or an itemized deduction. The standard deduction for 2006 taxes was $5,150 single, $10,300 married filing joint and $7,550 for head of household. Your itemized deductions consist of such items as medical expenses over 7.5% of your gross income, mortgage interest, property tax, personal tax, charitable contribution and some work-related expenses over a certain amount. If you lump all your itemized deductions together and it is over the standard deduction for your filing status, take the itemized deduction. If the itemized deduction is lower, take the standard.

Common itemized deductions include (this is not an all-inclusive list):
*Medical expenses exceeding 7.5% of your gross income such as Dr, prescriptions, eyeglasses, dental. (medical insurance withheld from your paycheck pre-tax is not deductible).
* Mortgage interest paid on a first and second home.
* Property/real estate taxes paid on a first or second home.
* Personal property tax such as the tax portion of your vehicle registration.
* Charitable contributions cash and non-cash
* Work expenses required for your employment, that exceed 2% of your income

Answer 4

No details, means no answer.

However, you should look up itemized deductions and see what deductions you can claim with the purchase of a new home.