what kind of deductions can i expect for (this year, 2007) getting married (wife legally blind) and buying a first home
2007-10-24 16:20:56 · 3 answers · asked by Andrew R 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
You can deduct interest paid on the mortgage, but if you just bought the house recently, you may only have a few months of that.
2007-10-24 16:26:48 · answer #1 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Your mortage interest is tax deductible. You will get a higher personal exemption for your wife being blind (assuming you file a joint return). by $1000. Since you will probably be itemizing deductions this year, you can deduct some of your medical expenses and state or local taxes you paid possibly including sales tax if you bought a lot of things like a boat, ATV...You can deduct any gifts to chairity including non-cash items like donations to the GoodWill if you got receipts for them. You can also deduct unreimbursed job expenses.
Those are the general categories.
http://www.irs.gov/taxtopics/tc500.html
http://www.irs.gov/publications/p530/ar02.html
Check out both of those links, that is information that will be helpful to you, but don't order the publications until December because that is when the 2007 publications will be availible.
If you haven't been doing so, start saving all the receipts from the things you purchase or donate. You will need them if you get audited.
2007-10-25 15:19:11 · answer #2 · answered by Gypsy Girl 7 · 0⤊ 0⤋
Impossible to guess without specific info.
2007-10-24 23:24:25 · answer #3 · answered by npk 7 · 0⤊ 0⤋