This years taxes!

[Halon]

Originally Posted by polishmafia

This will be my first year that I can claim mortgage interest. I don't know what to expect.

I expect it will put a big smile on your face, like it does for me every year

[curt_gendron]

Originally Posted by polishmafia

This will be my first year that I can claim mortgage interest. I don't know what to expect.

You can do a rough guess. You probably know about what you owe on your house. Take that and times it by your interest rate and that will be close to what you paid in interest on your mortgage this year. If you haven't lived in your house for the whole year, you have to come up with a percentage. Then figure you'll get 25-33% of that money back. (depending on your tax bracket)

later,
Curt

[polishmafia]

Originally Posted by Halon

I expect it will put a big smile on your face, like it does for me every year

I hope so. Last year I got screwed because Goodyear wasn't taking out enough tax. So that was changed this year.

Originally Posted by curt_gendron

You can do a rough guess.

Ah ok. Thats a nice amount. I'd rather get the amount back before I estimated the 25-33% of the total

[A//// Guy]

Hope I get a decent return. It will all go into savings, for a new car most likely.

[Halon]

Usually for me (since I've only owned for 3 years), about 2 months worth of my payments actually go towards the principle, and the other 10 months are all interest. I'm sure it's different for everyone, but maybe gives you an idea. All that interest is a huge write off!!!

I also write off my property taxes which is another perk of owning also. Another couple grand usually.

[asshanson]

Pete, don't forget about PMI as well, that likely will be rolled up into your mortgage/escrow payment. On the tax form they give you it will list out taxes paid, PMI paid, and interest paid. I think my writeoff the past two years was around 12-14k.

My prior returns were around 750-1000 combined, last year it was a bit over 4k, but I had 0 withholdings claimed on my w4. This year I upped it to 3 and I'm looking at getting around 3k back.

[polishmafia]

Originally Posted by asshanson

Pete, don't forget about PMI as well, that likely will be rolled up into your mortgage/escrow payment. On the tax form they give you it will list out taxes paid, PMI paid, and interest paid. I think my writeoff the past two years was around 12-14k.

My prior returns were around 750-1000 combined, last year it was a bit over 4k, but I had 0 withholdings claimed on my w4. This year I upped it to 3 and I'm looking at getting around 3k back.

Ahh good call on the PMI. Thankfully I'm going back to the same guy thats been doing my taxes for the last 4 years. He knows all this stuff, and he doesn't charge me alot.

[Halon]

I suppose I'm lucky that I don't have to deal with PMI. Awesome that you can write it off though!

Anyone know any locals that do taxes for a fair price?

[asshanson]

Brandon you're lucky, unless you own 20% of your place already, but seeing as you're in the 3rd year I doubt it unless you put a lot down, especially since home values haven't increased much since that time either.

I have to shell out almost $800/year for the PMI.

[Halon]

I had no down payment. I just went with a company that didn't require PMI.

And no, I highly doubt I own 20%. But at the same time, I also don't just pay the minnimum monthly payments. I save some money for the sole purpose of putting it towards my house. Usually once or twice a year, I put down a lump sum payment towards my principle. I'm trying to pay this bitch off early!!

[Swifty1638]

I got tools, uniforms, union dues, donations, etc to write off. And, this is the FIRST year in my life of working, that i only have 1 w2 to file! Last year, having 2 jobs actually hurt me..dunno how or why. But, hopefully this year it will be different.

-A. Swift

[EclipseGST]

I just bought my 1st home Dec 31st... Worked with the bank to take out 2 mortgages so I could get around PMI and I actually pay the house off faster and save money together. 1st mortgage for 80% and the 2nd for 15%. Only had to put down 5% and the seller paid closing!

Since I bought my house between June 2008 and June 2009 I qualify for the First Time Home Buyer tax credit. Basically its a $7500 government interest FREE loan. Dont have to start making payments for 2 years (2010 taxes) You pay $500 a year for 15yrs and it comes out of your tax return. You already pay in so really you dont see it.

I'm getting around 10k back just because of the credit, so that will go to all new appliances and a remodel for the 1st floor. Feels good to finally own a home! Although say goodbye to any time for the DSM...

[niterydr]

Originally Posted by EclipseGST

I just bought my 1st home Dec 31st... Worked with the bank to take out 2 mortgages so I could get around PMI and I actually pay the house off faster and save money together. 1st mortgage for 80% and the 2nd for 15%. Only had to put down 5% and the seller paid closing!

Since I bought my house between June 2008 and June 2009 I qualify for the First Time Home Buyer tax credit. Basically its a $7500 government interest FREE loan. Dont have to start making payments for 2 years (2010 taxes) You pay $500 a year for 15yrs and it comes out of your tax return. You already pay in so really you dont see it.

I'm getting around 10k back just because of the credit, so that will go to all new appliances and a remodel for the 1st floor. Feels good to finally own a home! Although say goodbye to any time for the DSM...

Congrats! Hopefully I can find a creative lender or two next year when I am ready to purchase a home.

[s1ngletracker]

hoping to get back nothing.

[crazy_skier]

weekend money and a lift kit for the jeep.

[brando]

im still waitiong for my other w2's. i still need 3

[tpunx99GSX]

What do you guy use to file? Do you use one of these online ones, turbotax? What are some of the better ones out there. I was thinking of trying Turbo Tax.

[JustROLLIN]

I used Turbo Tax last year for the first time. I found it very easy to use and quite helpful when filing my capital gains and options trades. I think the program was about ~$30 for the "Basic" version.

[Matt D.]

I've been using TurboTax Online for something like 6 years. Very easy to use and far more convenient than going to a place like H&R Block, plus they keep all of your previous years' information so you don't have to look back at your old documents every year.

[asshanson]

I use TaxSlayer online, it's only $10 and super easy to use. Not sure about the more complicated stuff, I only use the basic deductions.