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| *Loan,banking and credit>>>tax calculation |
Roughly calculation of number Im getting back of tax return? |
My fiance and I just bought a home this Aug 2006 and start payment right away. $1350/month including interest, property tax. My fiance gets even year to year from tax return. ( I mean everytime he files or claim a tax its either he gets only $50-75 bucks or owes. I would say he mostly dont get nothing every year. I get $800-1000 every year Now that we bought own this home and he makes more money than I do, Who will better benefits to claim it? (Mind this, it really doesn't matter who gets the money as we both share this returns) I just want to know the better benefits? We both files single as we are not married yet. Given that he makes more money, chances are his marginal tax rate is higher than yours. So it is most likely that you guys will benefit more if he claims the whole deduction on his return. Best wishes. well see that's what's tough about living together without being married, these strange situations come up and have to be solved. Why not phone H&R Block to be sure. Seems to me since you're not married that you'd have to first figure out all that's owed on the home and other things you two split, then figure the percentage you'd owe by your income alone, and then you'd claim that percentage on your IRS form. CORRECTION! You will get back slightly more IF YOU PAID ALL YEAR. Here's why: itemized deductions generally net you more than the standard deduction. Since you bought a home and paid $1,350/month, most of that went to interest and taxes. I would say you should see a bump in the range of $100-200 if you made the same as last year. Since you bought the home in August it won't net you enough yet. Once you keep it a whole year then it will be worth filing itemized. Right now you should still take the standard deduction. Assuming that neither of you changed your withholdings after purchasing the house, both of you should get larger refunds. When two people purchase a house together, the mortgage will appear in just one person's name. If you decide the split the mortgage interest and property taxes, you need to decide on the split percentage, and you should attach statements to both returns explaining the split, since the IRS will only receive one 1098 detailing the interest paid by one individual. |
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