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| *Loan,banking and credit>>>income tax |
How much can i get back from income taxes if i have $480,000 interest only loan? |
i make about $100, 000/yr. spouse doesn't work. have 2 kids. What were your withholding? What did u pay in property taxes? Do you use your car for bus. travel? do you have other travel expenses? Did you buy a computer or laptop for work reasons? Did you have any medical expenses/ did they exceed $2000? Did you buy any special tools or instruments to accomplish your work? Do your kids attend college? Lots and lots of questions, lots and lots of forms and deductions. I way over payed into my withholding this year and I'm getting back $9800 from the Feds and every penny i payed the state back as well, over$2500. I had my taxes done by a tax accountant and not some bozo with 8 hours training at H & R Blockheads. Don't use a computer tax program in that they have no understanding of the human factor involved with the evaluation of your return by the IRS. A good accountant will know where to and where not to fudge the numbers so as to maximize your return or minimize your payment. GO SEE A PROFFESIONAL TAX PREPARING ACCOUNTANT. It won'y be cheap, but it will be worth it. Probably the amount of the payments that you made through out the year as long as it was al interest. Assuming that's a mortgage loan, you could itemize and deduct the interest that you paid. What this actually saves you in taxes depends on what other deductions you have, and how much this interest is. There's no possible way to tell from the limited information provided. If that loan is a home mortgage, the interest is deductible on Schedule A. If it's not a home mortgage, none of it is deductible. Without knowing your total financial picture and how much taxes were paid in, it's not possible to even make a wild guess at how much of a refund you might be getting, or even if you will get any refund at all. The two tax pros above me make good observations, but so does Rudolph. You should always evaluate your tax situation to see if it is a good idea to consult a tax professional (or even someone from H & R Block, depending on your circumstances). They will be able to give you an accurate answer. I know this is a bit off topic but, at $480,000 on a $100,000 income have you asked yourself if you are over-extended? I know they use a different formula to compute a safe borrowing level in the USA but in the UK it is generally three times main salary and one times secondary salary. |
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