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How much did your tax return go up...
after buying your house?
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Posted 5/20/11 8:14 PM  |
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Prudential Douglas Elliman Real Estate
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: How much did your tax return go up...
Nothing
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| Posted 5/20/11 10:14 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: How much did your tax return go up...
a few thousand.
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| Posted 5/20/11 10:24 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
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Re: How much did your tax return go up...
We bought our house the same month we got married so the increase in tax return was a result of those 2 events. It more than doubled.
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| Posted 5/20/11 11:53 PM |
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gdubs
This baby is awesome!
Member since 11/10 2467 total posts
Name:
Gina
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Re: How much did your tax return go up...
It more than doubled (from the first time home buyer's credit).
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| Posted 5/20/11 11:59 PM |
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Re: How much did your tax return go up...
Message edited 6/24/2011 11:24:59 AM.
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| Posted 5/21/11 6:09 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
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Re: How much did your tax return go up...
Our return doubled the first year.
Every year since we've had to pay.
It is such a let down year 2 and on. 
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| Posted 5/21/11 8:45 AM |
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Re: How much did your tax return go up...
If it wasn't for the energy credit we would have been breakeven. But we only bought the house in Nov. so I'm not sure what it will look like after a full year. Everyone keeps telling me we'll get alot back next year. We'll see.
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| Posted 5/21/11 10:39 AM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: How much did your tax return go up...
nothing
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| Posted 5/21/11 12:13 PM |
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Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
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Re: How much did your tax return go up...
Interesting. I read all these artcles about the tax benefits of home ownership but it seems most people here arn't seeing more $ at tax time.
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| Posted 5/21/11 4:04 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: How much did your tax return go up...
Posted by Melmel821
Interesting. I read all these artcles about the tax benefits of home ownership but it seems most people here arn't seeing more $ at tax time.
There ARE tax benefits - you can deduct the mortgage interest and property taxes paid. But how much that affects your return will be different for everyone, depending on their individual situation. And WHEN you buy the house will greatly affect that as well.
Someone who buys in January, will see a much greater effect than someone who buys in November (full year of property taxes and interest vs. 1 month).
ex: We bought in late September. I'm self employed (and it was my first yr in business).
We owed $, but it was less than it would have been without the above deductions.
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| Posted 5/21/11 7:12 PM |
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jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: How much did your tax return go up...
if you add together what we each made filing separate (before getting married) to filing jointly and owning a house it MORE than doubled (this year and last year) and havent owed anything.
Message edited 5/21/2011 10:03:39 PM.
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| Posted 5/21/11 10:01 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: How much did your tax return go up...
Posted by Melmel821
Interesting. I read all these artcles about the tax benefits of home ownership but it seems most people here arn't seeing more $ at tax time.
There are many factors not being discussed here that affect an income tax return. However, property taxes and mortgage interest when isolated, w/o a doubt lower you taxable income by increasing your deductions.
For 2010, these deductions were almost 70% of our total deductions.
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| Posted 5/22/11 8:56 AM |
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SummerMom
Now a mom of 2!
Member since 6/07 4970 total posts
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Re: How much did your tax return go up...
Posted by Melmel821
Interesting. I read all these artcles about the tax benefits of home ownership but it seems most people here arn't seeing more $ at tax time.
We bought our house in February so we had 10 months of mortgage payments / interest. All other things being the same with me and DH (jobs, filing jointly, etc.), our tax refund went up about 2 or 3 thousand dollars. From what friends of ours told us, we'd expected it to be a lot higher! But still, it was a nice refund and I can't really complain.
Message edited 5/22/2011 11:54:17 AM.
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| Posted 5/22/11 11:53 AM |
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MrsBurtch525
Year for change!
Member since 1/09 6017 total posts
Name:
Taryn
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Re: How much did your tax return go up...
We bought our house in April 2010 and with the mortgage interest, property taxes, we got double what we did the year before, most we have ever gotten back.
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| Posted 5/22/11 12:47 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: How much did your tax return go up...
we owed a few thousand more than usual.
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| Posted 5/22/11 4:31 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: How much did your tax return go up...
Posted by bobby769
Posted by Melmel821
Interesting. I read all these artcles about the tax benefits of home ownership but it seems most people here arn't seeing more $ at tax time.
There are many factors not being discussed here that affect an income tax return. However, property taxes and mortgage interest when isolated, w/o a doubt lower you taxable income by increasing your deductions.
For 2010, these deductions were almost 70% of our total deductions.
ITA. What some people don't realize is that overpaying your state taxes combined with high real estate taxes will put you into AMT tax on your federal return and reduce the benefit either making your refund less than expected OR cause you to owe money. If you look at your return and see that you paid AMT tax (on page 2) you should speak to your accountant to see if reducing your state withholdings will help (it doesn't always depending on your income levels), but it is a tax planning strategy to discuss if you are receiving high refunds on your state return and owing on your federal. Sometimes the adjustment will have a small effect when you combine the 2, but personally I'd rather have less of a state refund and not owe the fed.
Message edited 5/22/2011 5:19:25 PM.
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| Posted 5/22/11 5:16 PM |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: How much did your tax return go up...
Posted by Charly
ITA. What some people don't realize is that overpaying your state taxes combined with high real estate taxes will put you into AMT tax on your federal return and reduce the benefit either making your refund less than expected OR cause you to owe money. If you look at your return and see that you paid AMT tax (on page 2) you should speak to your accountant to see if reducing your state withholdings will help (it doesn't always depending on your income levels), but
it is a tax planning strategy to discuss if you are receiving high refunds on your state return and owing on your federal.
Sometimes the adjustment will have a small effect when you combine the 2, but personally I'd rather have less of a state refund and not owe the fed.
I may have mentioned something about this in a different thread about taxes -
That part in bold above is a huge reason why those who prefer owing the fed could be shooting themselves.
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| Posted 5/22/11 6:21 PM |
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