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Veronica-supermom | Do I report the house I bought in september on my 2006 taxes? |
My husband and I bought a home in September 2006, do we report it this year or next year? This is our 1st home & we feel lost with all this stuff. Will we get anything back for points we purchased or intrests that we have already paid? Please, someone help. |
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It'sjustme
 |
You must claim it on your 2006 taxes, you have no choice. Anything prior to 12/31 (except some IRA payments) must be claimed on that year's tax return. In order to claim your mortgage interest your itemized deductions would need to be greater than $10,300, assuming you are filing married filing jointly (which you should be). These itemized deductions are made up of medical/dental bills not covered by insurance, nonreimbursed employee expenses, moving expenses, house hunting expenses, donations to charity, etc., each covered by its own limitations. FYI you can also deduct sales tax you paid, in leiu of deducting state income tax. So if you also purchased a vehicle this year, you probably want to go that route. Keep track of any home improvement expenses you incur because if you don't meet the 5 year test when you sell your house, you can limit your profit with these expenses. Filing taxes seems daunting at first, but very easy if you take one thing at a time. The IRS has boatloads of information available free for downloading at www.irs.gov, as well as a 1800 number which gives you a person more than willing to help you through this. I generally advise against paying someone to prepare unless you have significant stocks, dividends, or rental properties. Congrats on the new house! |
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Goyo
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I would check with a tax establishment to see if there is a cutoff in the year for claiming. If you've passed it, then it would go on next year's, but if not, then this year's.
Only they would know for sure and it's not worth guessing because the IRS gets really mad at things like that. |
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Wayne Z
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Points, Interest and Property Taxes are deductable but you may have closed too late in the year to get a benefit on your 2006 taxes.
Since you feel "lost", maybe it is time to see a tax professional. |
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Judy1
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You can deduct interest and property taxes that you paid in 2006. Unless your total itemized deductions are higher than the standard deduction, it would not be in your favor to itemize, and you wouldn't get any tax benefit for 2006 from the house. Ad up all your itemized deductions and see what they come to - buying a house late in the year, it sometimes doesn't help for taxes.
In 2007, since you'll have it all year, you probably will. |
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RjM
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You bet you will have to report this on your 2006 taxes. Reason being it is in your favor. Points, mortgage interest, and property tax are all tax deductible. I bought a house in 2004 and have used turbo-tax on line to do my taxes and it was a breeze. So if you want to save money claim your house!!!! |
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spicertax
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Yes you can deduct the points and mortgage interest paid by 12/31 as well as any real estate tax for the period you owned it. If you got a credit at closing for real estate tax paid by seller just deduct that from the total bill you paid later if any. |
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Eagleflyer
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You report it this year. Yes, you will definitely get tax credit for interest spent on a home. We get thousands of dollars refunded every year because of mortgage intererest. Definitely report your mortgage interest to the fed, why would you not? |
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onein7twist
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You can deduct the points and interest and some closing costs for 2006 and interest only in 2007. |
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