Tax Question for you...

mb2712

I am in the process of filing my taxes, and we always heard that our tax return will be awesome this year since we got married AND bought a house.

It asked us on TurboTax for our Mortgage Insurance, Mortgage Interest and real Estate Taxes.  Are we supposed to putting closing costs or anything like that into the program?  It never asked for that.  Our return really isn't that much money, so I'm wondering if we're missing something.

Becca0517

Did you pay points at closing?  You can amortize those too.

Becca0517

Oh, and on your closing statement... you should look to see what the 'buy out' that you had to pay the seller on the property taxes.  You pay the property taxes (in Oregon at least) a year in advance, so when you buy a house you always have to pay the seller for the property taxes that you will get the benefit of. 

mb2712

We actually didn't have point because our interest rate was already 5.00.  I will check into the taxes.

Thanks :-)

Calistic

our mortgage intrest and real estate taxes are stated on our tax form that our mortgage company sends to us. we don't have mortgage insurance, so it isn't something everyone has.

We are still waiting on Tim's W2s for us to file, but ours right now don't look like they are more than we normally get. I was hoping for a little more because we need to buy me a new car.

thebennerhalf

See, buying the house didn't seem TOO complicated. But figuring out these taxes.... phew! Might need to call in an expert. lol

mb2712

thebennerhalf:

See, buying the house didn't seem TOO complicated. But figuring out these taxes.... phew! Might need to call in an expert. lol

You get a form from you mortgage company that tells you all the things you need to put on your taxes.  Mine was Mortgage Interest, Mortgage Insurance, and Taxes, and they had it totaled for me

bell2belling

thebennerhalf:

See, buying the house didn't seem TOO complicated. But figuring out these taxes.... phew! Might need to call in an expert. lol

This is why we go through a preparer. I would hate to screw something up and have the IRS after us! lol 

Becca0517

mb2712:

thebennerhalf:

See, buying the house didn't seem TOO complicated. But figuring out these taxes.... phew! Might need to call in an expert. lol

You get a form from you mortgage company that tells you all the things you need to put on your taxes.  Mine was Mortgage Interest, Mortgage Insurance, and Taxes, and they had it totaled for me

If this is your first year purchase, you may still want to double-check your closing statement because it might not include the prorated property taxes... since that had nothing to do with the mortgage company.  They're telling you what you've paid through them and your escrow account.

Or... just go to a tax preparer and they'll do it for you

mb2712

We have an appointment with someone at the end of Feb, but will pay more then 200 dollars for the appointment.  We are attempting to see if we can do it ourselves first

katyj25

I too put our info in Turbo Tax and was surprise at how little our return was. Nearly half of what we normally get back. I don't trust Turbo Tax when it comes to more complicated returns. I have an appointment at our tax place tonight. I will let you know how it compares to what Turbo Tax said.

mb2712

katyj25:

I too put our info in Turbo Tax and was surprise at how little our return was. Nearly half of what we normally get back. I don't trust Turbo Tax when it comes to more complicated returns. I have an appointment at our tax place tonight. I will let you know how it compares to what Turbo Tax said.

That would be awesome if you could let me know... I just have always heard we'll get "so much back" which doesn't seem to be the case