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if you can recall, the year you bought your house..
when you went to file your taxes, did you get more money back?
is it possible to not get ANYTHING back and instead, owe?
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Posted 4/6/11 7:11 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: if you can recall, the year you bought your house..
We most definitely did...it is possible to owe if you haven't paid enough, but I am pretty sure the interest is tax deductible?
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| Posted 4/6/11 7:46 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
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Karen
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Re: if you can recall, the year you bought your house..
In theory, you should be in a better tax position since mortgage interest and your property taxes are deductible and in most cases will exceed the standard deduction you were (probably) previously taken.
However, if you close very late in the year it's possible that the interest and property taxes you paid are so small that your return does not look much different from prior years.
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| Posted 4/6/11 8:19 PM |
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JustJack
:)
Member since 2/06 2041 total posts
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J
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Re: if you can recall, the year you bought your house..
We got a lot more back.
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| Posted 4/6/11 8:39 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: if you can recall, the year you bought your house..
We got a lot back. We had half year of taxes that we paid, plus we got married later that year so we filed married jointly but claimed single 1 or 0 for the first 11 months of that year.
If I recall correctly, you did do work on your house. Was any of it new windows, doors, heating, etc. that would count towards energy conservation for a reduction?
Message edited 4/6/2011 9:07:54 PM.
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| Posted 4/6/11 9:06 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
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Re: if you can recall, the year you bought your house..
If you had a late year closing or your income was not taxed it's possible to not get much back and even owe taxes.
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| Posted 4/6/11 9:20 PM |
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Mrs213
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Member since 2/09 18986 total posts
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Re: if you can recall, the year you bought your house..
We closed June 29 this past year and didn't get any more than the usual amount. We had a professional accountant do it also. Next year I am going back to turbo tax
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| Posted 4/6/11 11:11 PM |
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piggy007
Mommy of 2!!
Member since 11/08 1742 total posts
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Re: if you can recall, the year you bought your house..
We closed in December of last year and I dont' remember getting any more back than usual.
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| Posted 4/7/11 7:41 AM |
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TreAnt427
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Member since 8/06 8652 total posts
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Tracy
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Re: if you can recall, the year you bought your house..
Yes, we got more back.
We were able to claim the closing costs and the points that we paid.
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| Posted 4/7/11 7:49 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
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Re: if you can recall, the year you bought your house..
This year was our first year with the house, and I have to tell you we got boned. We dont have to pay, but I was at least hoping for a 5 digit return, nope. So annoued I keep reading so and so got back bucko bucks. Not us. Its really jonly about 1000 more than last year, and thats a kid and house. 
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| Posted 4/7/11 8:03 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
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Re: if you can recall, the year you bought your house..
Posted by LadyBugN2Buggies
when you went to file your taxes, did you get more money back?
is it possible to not get ANYTHING back and instead, owe?
Yes - it's possible to owe.
We got back more but, if you don't have enough taken out of your paychecks, it's possible you could owe (possibly less than what you would've owed without being able to deduct the taxes and the closing costs).
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| Posted 4/7/11 8:09 AM |
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Charly
LOVE!
Member since 5/05 12578 total posts
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Re: if you can recall, the year you bought your house..
Posted by JennZ
This year was our first year with the house, and I have to tell you we got boned. We dont have to pay, but I was at least hoping for a 5 digit return, nope. So annoued I keep reading so and so got back bucko bucks. Not us. Its really jonly about 1000 more than last year, and thats a kid and house.
Jenn there are so many factors that affect your taxes. When did you close? Did you pay both property tax payments in 2010? Do you pay alot of interest on your mortgage? Did you change (decrease) your withholdings? If you work were you on unpaid leave and typically withhold more than DH? Are you jointly making significantly more income than last year (perhaps you entered a new tax bracket.) Without knowing your financial situation at all I can say "generally speaking" if you added a child and a house and only saw $1000 difference something else had to change (decrease in withholdings and/or increased tax bracket.)
Message edited 4/7/2011 8:12:24 AM.
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| Posted 4/7/11 8:11 AM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
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Re: if you can recall, the year you bought your house..
We closed in april 10, dh is making more we paid our taxes in our mortgage, our rate is super low. I just hoped for more
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| Posted 4/7/11 8:19 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: if you can recall, the year you bought your house..
i bought my house in july and when i filed in february i got A LOT back. the year after (a full year) i got double.
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| Posted 4/7/11 8:38 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
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M
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Re: if you can recall, the year you bought your house..
No, not until the following year.. We closed in November 2003 but the following year we had a better year due to not only the house but I had had a baby
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| Posted 4/7/11 9:29 AM |
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Re: if you can recall, the year you bought your house..
Posted by Mici C
We got a lot back. We had half year of taxes that we paid, plus we got married later that year so we filed married jointly but claimed single 1 or 0 for the first 11 months of that year.
If I recall correctly, you did do work on your house. Was any of it new windows, doors, heating, etc. that would count towards energy conservation for a reduction?
Nah, we just did cosmetic work....nothing energy efficient.
I aslo closed later in the year...... we did a dry run of the taxes with Turbo Tax and we owe. I wanted to cry.  We are going to head to a CPA and hopefully we made an error. Fingers crossed!
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| Posted 4/7/11 11:37 AM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
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E
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Re: if you can recall, the year you bought your house..
yes it's possible to still owe.
we bought our house last year and when we filed our taxes last month, we owed state and fed.
ETA we closed on our house in October so we only had one mortgage payment in the calendar year. that was def. a factor. we also got married and i think our combined income put us over some kind of threshhold.
Message edited 4/7/2011 11:46:22 AM.
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| Posted 4/7/11 11:45 AM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
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Re: if you can recall, the year you bought your house..
with our condo we closed in dec and we still owed - did not pay enough interest yet to compensate for our income level
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| Posted 4/7/11 12:27 PM |
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