 Anyone receive their Stimulus Direct Deposit? |
| It is May 2nd, my last two digits "09" and nothing yet! Does anyone else have the same problem?... |
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 If giving rebate checks helps the economy, why dont they lower taxes altogether? |
if they lower taxes by lets say 1/2, wouldnt that be helpful for the economy since your keeping your own money and spending it?
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if giving checks is helpful why dont ... |
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 Do rich guys pay Social Security taxes after they retire? |
| I wonder, that if a person that retires (from work), but has interest income large enough to be taxed, does that person collect SS and also PAY SS??... |
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 How much child maintenance (per week) should be? |
| paid if somebody earns £22,000 per annum (for one child)... |
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 Are bonuses taxed at a higher rate than wages? |
| I work in sales and receive a base salary plus quarterly bonuses. It seems that my bonuses take a higher tax hit versus my wages. I've asked for clarification and have received conflicting ... |
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 Wat other options are available for tax exemption other than section 80C? |
| wat other options are available for tax exemption other than section 80c(upto 1 lakh).I have already have 1lakh exemption for LIC premium+housing loan premium(section 80c).What other options are ... |
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 If you make any money in 2007, can you file taxes in 2008? |
i've only worked since september.. so do i file taxes or no.. and plus i have taxes i can file provided by my college
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well ok.. i got paid 1798 because i just ... |
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 How much are taxes on a gift of cash? |
| What would taxes be in the US on a substantial (maybe $40,000) gift of cash made to someone? Would both the giver and recipient be charged taxes or penalties?... |
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 Renting our UK property out and moving overseas. TAX ? |
Hi my husband and I are moving to Australia in December and we are going to rent out our property we have been told we would have to pay Tax on the rental income.
1. If we only get enough to ... |
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 Is there a law that states we have to file a 1040? |
| Is there a law that states we have to pay or file a tax return ?... |
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| Im a single mother with one chlid and made only 8,200 this year and turbo tax is telling me im only getting? |
back $453and I dont qualfy foe EIC for my one child does that sound right Im sure I should get more then that back with all of the new tax refunds
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Thanks for all of ... |
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| Okay so let me get this straight!! if my taxes were prepared by a tax preparer? |
| and it was direct desposited and fees taken out, I will get a paper check right?... |
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jenner76 | We just bought our first home in Dec of 2006. Is there any added tax benefit to this? |
Any benefits we might be able to capture on our IRS 2006 return?? |
 |
 
zyberianwarrior
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yea there is since you moved in BEFORE Jan 1st you can go to your county govertment office and file for HOMESTEAD exemption (do it TOMMORROW) In many states this lowers your tax base by $25,000 hence your home bought say 150,000 the property tax says your home is worth $100,000 (most porperty apprasiers are like this by the way) $100,000 MINUS 25,000=$75,000 so basically your property tax is based on HALF of the value of your house (real estate value is way different than tax value) and since you are homestead exempt (starting in 2007) your property value will only go up so much (typically 3%)
as for your 2006 return no benefit too late in the year to claim anything BUT 2007 tax return get ready for a very nice refund :) |
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Sonic is trying to stay Retired
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Most likely not.
Your first mortgage payment was probably in early January, you wouldn't have had much interest on your purchase escrow statement, you wouldn't have paid any property taxes yet (you'll probably end up getting a supplemental property tax bill soon), and you probably didn't pay much in property taxes on your purchase escrow statement.
The only way I can think of, so late in the year, is if you had any loan origination fees which you can fully write off in 2006.
Congrats on the house! And yes, it will be a huge life and tax benefit for you in 2007 and forward. |
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seekermike
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Your interest and property taxes are deductible from your federal income tax. Check with the IRS or a professional preparer for details. It probably won't help you much in 2006 but will for 2007. |
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HairyBack
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Homestead taxes? I have no ideal what he is talking of but to answer your question you might be able to write off alot of your closing cost. However you might not have enough to itemize. In that case itemizing won't help you. Next year all property taxes and interest on your home will be tax deductible. Ideally you should have closed in January and you would have more to write off in Jan. of 08. So the real answer here is probably not. I am lost about the homestead taxes and not sure he knows what he is referring to. |
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Wayne Z
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Almost none of the closing costs are deductable and you closed too late in the year to effect 2006. You should probably just take the standard deduction for 2006.
You will see a big difference for you 2007 taxes though. |
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celeste
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Yes, probably. If you made a mortgage payment on or before 12/31/06, the entire thing is probably deductible as mortgage interest (an itemized deduction). There may be other deductions (prorated property taxes, points) as well. Check out the IRS publication linked below, especially the "What You Can and Cannot Deduct" section. Congrats on your first home! |
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**wishin**
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I am not sure about right after you buy it, i think there is though try www.irs.gov. Next year after you start making payments on the house then you will be able to deduct the interest that you pay this year on your loan. You will get something from the lender saying how much interest you payed. |
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akter61
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Some states me give you a homestead tax. Congratulations on your new home, now get ready for the shock of property taxes, |
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