 Why did I only get $300 form the IRS when i qualify for the full $600? |
| I would like to find out why i only received a $300 refund from the IRS- I thought I would be getting $600 because I filed a single tax return. I am 20 yrs old with no dependants and my parents no ... |
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 Have you recieved you May 9th tax stimulus direct deposit? |
We are supposed to get our stimulus direct deposit on May 9th. It's May 10th and no stimulus. We filed direct deposit when we received our first federal refund.
HOWEVER, we filed ... |
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 Paying taxes, being self-employed? |
| I live in cleveland tn & I deliver newspapers for the times free press. They consider me self-employed since they do not take out taxes. Last year when I did taxes I had only had this job for ... |
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 What happens when you dont file your taxes on time, but you dont owe? is there a fine? |
| when you dont file but you are supposed to be getting money back..is there a fine for filing late or can anything happen if you dont?... |
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 Itemizing my taxes??? |
| I just purchased my first home last month and my morgage broker was telling me that I will have to itemize next year. I have been doing my taxes eversince I started working and have never itemized, ... |
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 Economic Stimulus Rebate Checks? |
| What if you had your IRS check rapid refunded How soon will you get you Economic Stimulus Rebate Check ... |
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 Do you uinderstand the tax forms? |
| What do you know paying taxes?... |
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 How long does it take for a tax refund? |
| we had our taxes done monday feb.19th. they were done electronically and are gonna be direct deposited into my account. the person that did them said it could take 2 weeks. but i heard from someone ... |
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 Is my employer committing Tax Fraud? |
| Im in the UK I work for a company that pay cash in hand I worked there for 3 months and all they took was national insurance then suddenly i started paying tax. Im suspicious cos I was paying tax in ... |
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 Another question about stimulus check?? |
| i went to jackson hewitt the end of january and got the rapid refund check that you get in 24 hours. i didn't give them any bank account info so that means that i am going to get a paper check, ... |
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 Tax Accident! Filed all 3 Jobs under ONE name!? |
| I really need some advice. I worked 3 jobs for the 2006 tax season and recieved all 3 W2's from my employers. I used TaxActOnline.com to do my taxes, but before that, I totaled all my jobs boxes ... |
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 For those of you who DIDN'T receive your expected tax refund on 1/25? |
do you mind telling how you filed and what you claimed, to see if there is a pattern in the delays?
Additional Details
Also, how long did it take for the IRS to accept your return?... |
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 Will our economic stimulus check be garnished? |
| My husband owes back child support. Our tax returns are usually garnished. Will the same thing happen to our economic stimulus check? If so is there a way for me to protect my portion of it?... |
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Haley012307 | How much of a return do you get on your tax returns if you own a home? |
I am about to own my first house in a month or so and I'm paying $156,000 for it. Do I get any extra money in my tax returns for owning a house? |
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Dennis G
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depends on how big a loan you have on your house and how much interest you paid over the last year to detemine your adjustment to your taxable income for tax purposes .. |
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Judy1
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You don't get anything extra just for owning a house, but if your total itemized deductions are more than your standard deduction, then you'll itemize and that will reduce the total tax that you owe. Itemized deductions include mortgage interest and property taxes.
As far as refunds go, you get a refund if you have more withheld than your total tax liability. |
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Martin S
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You get extra money in your tax return for writing off the interest on your mortgage that you pay every year. Not the house itself. |
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walkerhound03
 |
When you own a house you will get to take more deductions. Thins like the interest you pay for your mortgage each month and your property taxes. I know that when I bought my house my tax return refund double from what I normally get. |
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notetojenn
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You can deduct:
1. interest paid on your mortgage, but not the amount paid to decrease the principle (the amount the house actually cost).
2. real estate taxes paid.
3. if you work from home and maintain a home office, you may be able to deduct part of the cost of your home as a business expense. The room in question must be dedicated solely to your business. You would need to check with a CPA to make sure you are eligible for this deduction, because the rules can be tricky. |
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wish I were
 |
You get to deduct the intrest you pay on your loan from your income. |
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extra_37
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You will get the itemized deduction for the mortgage interest and the real estate taxes.
Congrats! |
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awake
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VERY IMPORTANT!
Besides the interest you pay on the loan, you also get to right off the money spent on "points" to get the loan. This is for the first year only, and can be thousands. In my case, it was about $2500 dollars. Don't miss out on it , it is for the first year only. The year the sale took place.
The interest is for the first year and all years that follow for the duration of the loan.
And also property taxes. |
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Christian Betty
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the amount of interest you pay each month for your mortgage is deductible. So, for example, if you pay $900 a month for your mortgage, and $850 of that is interest, you don't have to pay taxes on the $850. |
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starlight_chic06
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If you're able to itemize your deductions you will be able to claim mortgage interest and property taxes on the home. People who usually would get no benefit from itemizing, often find that changes after purchasing a home. Since the majority of your first several years payments is interest, that will push people over the standard deduction, therefore making it worthwhile to itemize. The standard deductions for 2007 are:
Single - $5,350
Married filing Joint or Surviving Spouse - $10,700
Head of Household - $7,850
Married filing separately - $5,350
As mentioned above, points or prepaid interest is also deductible. However, you normally can't deduct them all at once. They have to be amortized over the life of the loan. In other words if your loan is for 36 years, you would take your total points, divide by 36, and deduct that amount each year. There are cases where you can deduct them all in the first year, but there are quite a few conditions to meet first.
That's pretty much it while you own the home, unless you use it as a home office or something. There are some small credits for qualified energy-efficient improvements. Look up Form 5695 at www.irs.gov, and read the instructions. The most you can claim is $500.
You can exclue up to $250,000 worth of the gain on the sale, or $500,000 if you're married filing jointly when you sell the home, as long as you meet the requirements (most important of which is living in the house two years out of the prior five years).
Hope this helps! |
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