Remember also that in the tax year that you close on your house, you can also write off all of your closing costs. The year I bought my house, and then a few years ago when i refinanced, I saw huge tax benefits.
And now that you are itemizing, don't forget your property tax on your autos...that's deductible. > > Disclaimer: I am not a tax lawyer, preparer, CPA, PA. I do not profess > to actually know what I am talking about, nor will I claim a clue when > it comes to taxes. > > YMMV > > Your mortgage company should provide you with a lovely form within the > next two weeks (must be postmarked before the last day of January). > > on it you will see several numbers. > > total amount of dollars paid (try not to vomit). > total amount of interest paid, this will probably cause dry heaves (if > you horked on the first number) > total amount of principle paid (this will probably make you cry) > > now, the second number, the interest you paid, will fit nicely in your > Schedule A (Itemized Deductions) in your form 1040. > > of course it means you also have to itemize your deductions (all of > them, you can't really pick and choose) > > The other stuff I am not so sure about, but I don't think you can > claim repairs or improvements as deductions. > > I recommend TurboTax online (www.turbotax.com) if you haven't got a > lot of deductions. I've been using it for several years now, and it is > really cool (to the tune of several $K!!) > > ....or perhaps a trip to your local H&R Block-type establishment would > be in order. > > > -- > will > > > "If my life weren't funny, it would just be true; > and that would just be unacceptable." > - Carrie Fisher > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:5:191158 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
