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 Expert
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Location: ohio-in my own little world with pretty ponies :) | I was told we should be getting back quite a bit of money for buying our house on our taxes. How does that work? |
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 Midget Lover
  
Location: Kentucky | You can claim the interest you paid in, but other than that, no idea why you would be getting money back. |
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Expert
Posts: 2276
Location: ohio-in my own little world with pretty ponies :) | That's what I thought lol |
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  That's White "Man" to You
Posts: 5515
| Also the interest wouldn't matter until it along with any other deductions exceed the standard deduction. But even if it doesn't make a difference on your return at least you have a house! |
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 The One
Posts: 7998
Location: South Georgia | Whiteboy - 2014-08-12 1:18 PM Also the interest wouldn't matter until it along with any other deductions exceed the standard deduction. But even if it doesn't make a difference on your return at least you have a house!
Ditto. |
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Expert
Posts: 2276
Location: ohio-in my own little world with pretty ponies :) | Whiteboy - 2014-08-12 1:18 PM
Also the interest wouldn't matter until it along with any other deductions exceed the standard deduction.  But even if it doesn't make a difference on your return at least you have a house!
Most definitely! We didn't think that's how it works but when people told is that we got a little excited. I mean....who doesn't love a little extra money? Lol |
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 Tough Patooty
Posts: 2615
Location: Sperry, OK | The only other thing would be if your state offered a new homeowner credit.. might give you an extra deduction for a little more back. |
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Nut Case Expert
Posts: 9305
Location: Tulsa, Ok | horsegirl - 2014-08-12 12:36 PM Whiteboy - 2014-08-12 1:18 PM Also the interest wouldn't matter until it along with any other deductions exceed the standard deduction. But even if it doesn't make a difference on your return at least you have a house! Ditto.
Edited by SC Wrangler 2014-08-12 2:32 PM
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Elite Veteran
Posts: 629
Location: Roping pen | Don't forget all your closing costs, points, appraisal fees, etc. might all be deductable. Take a copy of your settlement statement to your CPA when you do you taxes.
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Veteran
Posts: 276
| If you're unmarried, you will file separately and you can also choose which one of you will use all of the deductions on your income taxes, and the other just take the standard deduction. This worked well for my husband and I the first year we owned our home and were not married yet. I have a "town job" and pay in quite a bit every pay period, so I knew I would already be getting a decent refund, so I just took the standard and gave him the deductions on the house, since he has his own business and had rodeo income to report. I think that was one of the only years he didn't have to pay anything in. |
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