Was your first tax return after buying your home a good one?

I would love to get some projects done so I'm wondering if I can bet on a nice return or no....TIA!

Re: Was your first tax return after buying your home a good one?

we got a pretty good return b/c I know there were some items in the closing costs that we claimed. Depending on when you closed last year that will also effect your return- when we purchased it was later in the year (October) so we only had 3 months of mortgage payments to claim- since the interest is deductible, the more payments you had last year, the better for your return.

Re: Was your first tax return after buying your home a good one?

Great, this is what I was hoping. We closed in July so hopefully it will be a good one!

Re: Was your first tax return after buying your home a good one?

We didn't have a return last year because we sold off stocks for the downpayment and we bought in July, so we only had 1/2 a year to claim on the house. So this year should be a lot better. Sometimes the first year isn't that great, but the 2nd year is better.

Re: Was your first tax return after buying your home a good one?

We bought in Oct and it was a good one I will say, I was surprised

Re: Was your first tax return after buying your home a good one?

Posted by Mrs. Patticakes

Great, this is what I was hoping. We closed in July so hopefully it will be a good one!

Re: Was your first tax return after buying your home a good one?

We had a pretty good one, and we had purchased our home in July. I think it was also good because it was the first year we had DD.

Re: Was your first tax return after buying your home a good one?

I can't wait to do our taxes this year

Re: Was your first tax return after buying your home a good one?

We closed in March 2007 and our 2007 tax return was good but not great because of the amount of payents we made that year.

This year's return should be better because we had a full year of payments.

Re: Was your first tax return after buying your home a good one?

Message edited 3/19/2009 1:26:59 PM.

Re: Was your first tax return after buying your home a good one?

We bought in Dec and I was surprised at the number for jsut 1 month of payments lol I'm hoping we do well - I ave student loan interest that should help!

Re: Was your first tax return after buying your home a good one?

we had a great return!!
the second year was great too!

Re: Was your first tax return after buying your home a good one?

Sorry - ours was quite awful actually we owed a couple of thousand dollars. We had gotten married that year, and had sold stock to purchase the house.