September 2008 Weddings
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Stupid question re: home interest and tax refunds
We qualify to deduct all of the interest paid on our mortgage, as I'm sure most people do. My question is this...does any of that come back to us as a tax refund?
We'll end the year paying around $7200 in interest. Should we expect any of that for a return?
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Re: Stupid question re: home interest and tax refunds
Under current tax laws, you can expect ~25% depending on your income and other deductions and your withholdings.
This might go away in the future.
For us, it was a deduction not a refund. So if you make $10,000 and your interest paid is $7,2000 then the 7,200 would be deducted from the 10,000 making your income $2,800. This deducation could affect the percentage of taxes you have to pay. If you have enough deducation it could possible bump you down into a lower tax bracket.
Someone correct me if I'm wrong, but that's how i understand it to be?
that is true, which is why you get ~25% back if you prepaid your taxes through payroll deductions.
i prefer not to think about how much interest we pay on the house we're not keeping due to jobs
I think its something like 17k/yr.
Like Emily and Morgan said, it's a deduction, you don't just get $7200 back. So (I think) what you do is itemize your deductions rather than just taking the standard deduction.
When you're doing your taxes you will enter how much you'd paid out of your paychecks for taxes, which is stated on your W2. Then you'll figure out how much you should actually have paid when you subtract your extra deductions, like your loan interest, and look up the info on the chart thing. But it does depend on your withholdings. It you have your W4 set up to take the most amount of money out with each paycheck, chances are you'll get money back. If you don't have a lot of money take out of your paycheck, there's still a chance you could owe even with the interest factored in. It really depends.