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Mike L | I bought a house last year. What type of return should I expect from taxes this season? |
I live in Ohio and bought the house in August to live in. It is my first house. |
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bostonianinmo
 |
You should expect to FILE a RETURN. A return is the pieces of paper you send to the IRS. Maybe you're asking about a "refund?" That will depend upon your final tax liability and how much was withheld from your pay or paid in as estimated tax payments. You could owe or get a refund but without knowing ALL of the numbers it's not possible to say.
If your mortgage interest and property taxes plus any other itemized deductions exceed your standard deduction amount then you can itemize your deductions and save a few tax dollars. The savings will depend upon how much your total deductions exceed your standard deduction. If your deductions exceeded your standard deduction by $1,000 and you're in a 15% tax bracket you'd save $150.
Many new homeowners are dismayed to learn that their new home gives them no tax benefit at all in the first year of ownership simply because they didn't pay enough interest and taxes in that shortened year. And many never see a tax benefit if their deductions don't exceed their standard deduction amount. The standard deduction for a married couple in 2007 is $10,700 so in many lower cost areas of the country they'll never see any tax benefit at all.
If you can provide all of your tax details someone here can crunch the numbers for you and give you a reasonable estimate. |
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Bill
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You'll be able to deduct your property taxes and your interest paid. It may or may not be enough to justify an itemized deduction (common in late-year homebuys).
If you're going to itemize, go to http://www.irs.gov and familiarize yourself with the other deductible expenses. Charitable donations, educational expenses, and others are out there. |
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stormhasit
 |
Depends on how much interest or sometimes points are involved. Check with a tax professional and have all your end of year documents in hand from the mortguage company and taxes paid (but you had to have them paid by 12/31) |
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Judy1
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It might or might not make any difference this year. You could deduct mortgage interest and real estate taxes that you paid in 2007. Points, if you paid those when you got the loan, can be included in interest - PMI is also deductible.
You can only deduct these items if your total deductions (including those) totals more than your standard deduction which is $5350 if you're filing as single, $10,700 for a joint return.
Tax benefit from itemizing is your total itemized deductions, minus your standard deduction, and that number times the percent that's your tax bracket. So for example if you are married filing a joint return, are in a 15% bracket, and have $15,000 in itemized deductions, your tax savings is (15,000 - 10,700) times .15, or $645.
Since you had the house less than half the year, it's very possible that for 2007 you won't have enough to itemize. |
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airbob61@verizon.net
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You may deduct interest and property taxes on you federal taxes. I am not a resident of Ohio so I can't sat if the same applies to Ohio. |
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v b
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Probably little or nothing.
You bought in August. You have 1/3rd of a year's worth of interest, 1/3rd of year of property taxes (which may not have been paid in 2007) and points.
If you are married, the total of all of these may *not* be more than your standard deduction of $10,700 in which case you may not see a benefit at all. (If you can't use the points, you would then amortize them over the life of the loan.) |
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taxreff
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Just to rephrase some of the answers above, for most home purchases the vast majority of closing costs are not deductible. Only points and real estate taxes paid at closing are deductible. The other closing costs are added to the basis of your home. |
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PermanentMarker
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Depends on how much your closing costs were and how much interest you pay, but the short answer is that you should get substantially more than you got back last year. Again, this depends on your specific situation. |
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