Comments on: Property Tax and Mortgage Interest – Do We Get a Portion of the Money Back Comes Tax Return ? http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/ SEO dedicated for realtors to generate a storm of inquiries Fri, 12 Nov 2010 16:08:48 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: MG@cybtaxes http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/comment-page-1/#comment-335 MG@cybtaxes Tue, 09 Mar 2010 16:11:50 +0000 http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/#comment-335 If you itemize deductions this year (see if your itemized deductions on 1040, Schedule A exceed your standard deduction, which is $10,700 for married filing joint, $7850 for head of household, $5350 for single or married filing separate in '07), you generally may deduction qualified mortgage interest and property taxes on up to 2 residences. For home purchases in 2007 only, premiums paid for mortgage insurance (common if you paid less than 20% down on the home) on a principal or second residence may also be deducted as mortgage interest. Good luck! If you itemize deductions this year (see if your itemized deductions on 1040, Schedule A exceed your standard deduction, which is $10,700 for married filing joint, $7850 for head of household, $5350 for single or married filing separate in ‘07), you generally may deduction qualified mortgage interest and property taxes on up to 2 residences. For home purchases in 2007 only, premiums paid for mortgage insurance (common if you paid less than 20% down on the home) on a principal or second residence may also be deducted as mortgage interest.
Good luck!

]]> By: chatsplas@sbcglobal.net http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/comment-page-1/#comment-334 chatsplas@sbcglobal.net Sun, 07 Mar 2010 11:17:33 +0000 http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/#comment-334 Generally owning a home (condo, townhome, house) with mortgage interest and real estate taxes, is enough to push you over the standard deduction. What this means is that you will be filing a Schedule A. There's not a direct dollar for dollar relationship between your deductions and your refund, but it does have a good impact. You should see what other deductions you may now be able to benefit from. Sometimes the first year of ownership, if it's half a year or less, doesn't work out, but the next year does. Frequently you aren't paying the taxes the first year, the seller gave you money to pay the taxes. Generally owning a home (condo, townhome, house) with mortgage interest and real estate taxes, is enough to push you over the standard deduction. What this means is that you will be filing a Schedule A. There’s not a direct dollar for dollar relationship between your deductions and your refund, but it does have a good impact. You should see what other deductions you may now be able to benefit from.
Sometimes the first year of ownership, if it’s half a year or less, doesn’t work out, but the next year does. Frequently you aren’t paying the taxes the first year, the seller gave you money to pay the taxes.

]]> By: CH http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/comment-page-1/#comment-333 CH Fri, 05 Mar 2010 10:04:13 +0000 http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/#comment-333 Once you buy a home you should itemize your taxes. ALL of the mortgage interest and property taxes you pay are deductable. Your interest and other deductions usually work out to be more than the standard deduction. If you do your taxes yourself, try Turbo Tax Deluxe, I used it when I bought my house- and continue to use it. It answers all your questions about deductions, helps you find deductions, etc. I love it. Also- you just bought your condo?? Most of your closing costs and points you paid are also deductable. Once you buy a home you should itemize your taxes. ALL of the mortgage interest and property taxes you pay are deductable. Your interest and other deductions usually work out to be more than the standard deduction.
If you do your taxes yourself, try Turbo Tax Deluxe, I used it when I bought my house- and continue to use it. It answers all your questions about deductions, helps you find deductions, etc. I love it.

Also- you just bought your condo?? Most of your closing costs and points you paid are also deductable.

]]> By: googie http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/comment-page-1/#comment-332 googie Thu, 04 Mar 2010 01:02:38 +0000 http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/#comment-332 Property taxes and interest payments are legitimate income tax deductions if you are itemizing on your return . Whether you reduce your tax payment or get additional credit is dependent upon your declared earnings and the income taxes which were withheld, plus dependents. Property taxes and interest payments are legitimate income tax deductions if you are itemizing on your return . Whether you reduce your tax payment or get additional credit is dependent upon your declared earnings and the income taxes which were withheld, plus dependents.

]]> By: v b http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/comment-page-1/#comment-331 v b Mon, 01 Mar 2010 20:21:39 +0000 http://pixseo.com/blog/property-tax-and-mortgage-interest-do-we-get-a-portion-of-the-money-back-comes-tax-return/#comment-331 The married joint standard deduction is $10,700 for 2007. If your itemize deductions (including property tax and mortgage interest) are more than that you may see a reduction in your tax bill. The married joint standard deduction is $10,700 for 2007. If your itemize deductions (including property tax and mortgage interest) are more than that you may see a reduction in your tax bill.

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