LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

first time homeowner w/ a question about income taxes???

Posted By Message

TwoGirls4Me
Treasure what you have

Member since 5/05

1839 total posts

Name:
Marie

first time homeowner w/ a question about income taxes???

I know we have quite some time but with the baby coming I would like to get as organized as possible while I still can! We closed on our home in March and I am wondering what info/receipts I will need come tax time. We also did a TON of renovations and I am wondering what receipts if any from that I will need as well? TIA

Posted 8/15/06 11:32 AM
 
Long Island Weddings
Long Island's Largest Bridal Resource
  |   Prudential Douglas Elliman Real Estate

lululu
LIF Adult

Member since 7/05

9508 total posts

Name:

Re: first time homeowner w/ a question about income taxes???

At the end of the year you will get a statement from your bank showing how much you paid in Mortgage interest and you should get something that shows what you paid in property taxes (if you escrow). If you dont escrow, keep track of what you paid for taxes.

Unless you relocated for a job, I dont think that you will need anything else.

If you paid points for your mortgage, make sure you have that information as well.

As far as rennovations go (and as far as I know!)- you would only need receipts when you go to sell your house to avoid capital gains tax.....

Posted 8/15/06 12:06 PM
 

ODonnell
.

Member since 9/05

5983 total posts

Name:

Re: first time homeowner w/ a question about income taxes???

In addition to the previous list, I believe you can write off any taxes paid in your closing costs. You should check the statement you received at closing - any interest or taxes paid in advance can go on your tax return.

Unfortunately you can't write off the cost of any improvements you did to the house until you go to sell it in the future. If your profit is in excess of whatever the threshold is at that time they can be used as a write-off.

Posted 8/15/06 12:30 PM
 

~Colleen~
my loves...

Member since 5/05

9129 total posts

Name:
guess

Re: first time homeowner w/ a question about income taxes???

Posted by ODonnell
Unfortunately you can't write off the cost of any improvements you did to the house until you go to sell it in the future. If your profit is in excess of whatever the threshold is at that time they can be used as a write-off.


Unless you have a rental and have done improvements on the rental...then you can write it off.

Posted 8/15/06 12:48 PM
 

Freddie
LIF Adult

Member since 3/06

1162 total posts

Name:
Freddie

Re: first time homeowner w/ a question about income taxes???

don't forget mortgage tax. That should be in the closing/deed info you get.


Save any receipts for improvements, like someone said, for when you sell.

Posted 8/16/06 8:52 AM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
I think I am going to tell my boss today - updated - I did it, bottom of first page pinkandblue 8/15/06 11 Pregnancy
Kitchen Question...help me decide yankinmanc 8/15/06 6 Home
Dumb question about pregnancy weight gain.. MrsPorkChop 8/15/06 8 Pregnancy
... JE7391 11/21/05 5 Home
Another Car Seat Question lmb03 8/15/06 4 Parenting
Sorry to intrude- daycare question! GoingNutty 8/15/06 2 Parenting
 
Quick navigation:   
Currently 306155 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows