I have two homes that are mortgaged. I am married and we have no children. I don't know what else i would need to know.
Thanks
2007-09-12 04:39:43 · 4 answers · asked by just me 2 in Business & Finance ➔ Taxes ➔ United States
Well last year I was told it was not worth doing a long form, but I was wondering if this year it would be worth it to claim my interest? Can I claim interest on both of my homes?
2007-09-12 04:55:28 · update #1
The best way is to see a reputable CPA. Even if you usually do your own taxes, it is a good idea to see a professional from time to time. Tax laws change. So see a professional every five years or so, then follow their work the next few years, taking the deductions they take.
While you are there, do a little tax planning, to find out if there are things you could do to prepare for the future, i.e. taking deductions for saving for the future.
If you can't afford an accountant, then go to the IRS website as shown below.
2007-09-12 04:57:32 · answer #1 · answered by KDCCPA 5 · 7⤊ 0⤋
Most deductions are on Schedule A of the 1040 and on the bottom of page 1 of the 1040.
For most people, the most common deductions are: State taxes, mortgage interest, charitable contributions, medical expenses (in excess of 7.5% of income), college tuition, Traditional IRA contributions (if applicable).
Are you wondering about a specific item?
Most of the little things in life (car insurance, food, gas for commuting back and forth to work, etc.) are not deductible.
Go to IRS.gov and look up "Publication 17".
2007-09-12 04:49:05 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
Yes, and the real estate taxes on them.
2007-09-12 07:29:51 · answer #3 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Ask the IRS
2007-09-12 04:43:48 · answer #4 · answered by Tony A 6 · 1⤊ 0⤋