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| *Loan,banking and credit>>>income tax |
Can I claim the mortgage taxes and interst I've paid when I file income taxes this year? If so what percent? |
Can I claim the mortgage taxes and interst I've paid when I file income taxes this year? If so what percent? You can claim 100% of them as itemized deductions. Your actual tax savings is your total itemized deductions minus the standard deduction for your filing status, times your bracket %. An example: if you're married filing jointly, in the 15% bracket, and your total itemized deductions are $14,000, then your tax savings are ($14,000 - $10,300) times .15, or $3700 x .15, or $555. The reason you subtract the standard deduction amount to figure what you saved in taxes is that if you don't itemize, you get that anyway, and don't get it if you itemize. You claim ALL your mortgage interest and property taxes paid in 2006. yes you can claim all of it for up to two homes so if you have a second home you can include that as well. However these deductions will only work if you are itemizing. If you bought your home, you probably paid settlement or closing costs in addition to the contract price. These costs are divided between you and the seller according to the sales contract, local custom, or understanding of the parties. If you built your home, you probably paid these costs when you bought the land or settled on your mortgage. The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home. There are some settlement or closing costs that you cannot deduct or add to the basis. Real estate taxes are usually divided so that you and the seller each pay taxes for the part of the property tax year that each owned the home. http://www.expresstaxrefund.com/faq/043/... Absolutely YES! Your mortagage company should have it listed in the last month of the year on your billing statement..They have itemized it clearly for you. Hope this helps :-) |
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