tax return on a house for an unemployed college student?

Question

would I get any money back?

I work for 3 months, my parents use my good credit to buy a house and they pay everything.

I'm currently a full time college student.

would I expect any money if any?

Answer 1

I'm not sure what your question is.

Whether you get a tax refund or have to pay when you file depends upon your tax liability and how much was withheld from your pay. Your parents buying a home has nothing to do with YOUR tax return.

BTW, a "tax return" is the form you fill out and send to the IRS, such as Form 1040, Form 1040-A or Form 1040-EZ.

Answer 2

You do not give hard numbers, so I cannot say with certainty.

Assuming you live with your parents and they pay all the costs of the home, it is likely that they pay more than half of your support. If you are age 23 or less & have been a full-time student for any 5 months, then no matter how much income you had, you are their dependent.

If that is true, then if you made under $5200 you do not have a requirement to file. You will WANT to file, however, in order to get all of the withheld tax refunded.

If any of the facts assumed are not true then post the changes and we'll answer based thereon.

Answer 3

It depends on how much you made for the year. If you made under $5350 total, and it wasn't from self-employment, then you'd get back anything that was deducted for federal income tax. If you made more than that, then you might or might not get back some of what was deducted.

The house isn't going to enter into it. Since you aren't the one making the payments, you can't deduct anything there even if it would help you on your taxes - and it probably wouldn't help you anyway even if you could deduct it.

Answer 4

So dude, when you decide you want to buy a house of your own, how do you plan to do it? Your parents will still be paying on the first house "you bought." (Your parents are ruining your credit.)