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Bought a house in June.. Tax Season is coming up.. What do I need to do?

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Bought a house in June.. Tax Season is coming up.. What do I need to do?

Old 11-08-05, 02:45 PM
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Bought a house in June.. Tax Season is coming up.. What do I need to do?

I purchased a new house in June and as the year winds up, I want to make sure I have all my paperwork ready so I can file it correctly on my taxes.. I kind of remember something about having to file a homestead or something, but don't remember details

I'm trying to find someone at work who can recommend an accountant.
Old 11-08-05, 03:01 PM
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I'm in the same boat.
Old 11-08-05, 03:04 PM
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What do you need an accountant for? Are you talking about Real estate taxes?(taxes paid to the local county) Or are you talking about income taxes and deductions?
Old 11-08-05, 03:07 PM
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Originally Posted by ANDREMIKE
What do you need an accountant for? Are you talking about Real estate taxes?(taxes paid to the local county) Or are you talking about income taxes and deductions?
Income taxes... I think I get deductions or something for interest on a mortgage
Old 11-08-05, 03:13 PM
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I would recommend either a)paying a good accountant to help you or b) using a software solution like turbotax to lead you through federal/state income taxes. They are not all that difficult and everything is clearly explained. You will be able to look at whether itemizing your deductions (including home interest costs) is better or taking the standard deduction is better. In my experience it was well worth itemizing once we owned a home. And filing for homestead credit affects your property tax not your federal income tax. You should call your local property tax office and inquire it will likely save you money come property tax time. Oh and property taxes are deductible if you itemize, along with taxes on vehicles.
Old 11-08-05, 03:13 PM
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Originally Posted by j123vt_99
Income taxes... I think I get deductions or something for interest on a mortgage
I think all you need for that is the statement that your mortgage company sends you at the end of the year that breaks down interest that you've paid thoughout the year (I can't remember the number of the form). That's all I get at least.
Old 11-08-05, 03:17 PM
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Originally Posted by Timber
I think all you need for that is the statement that your mortgage company sends you at the end of the year that breaks down interest that you've paid thoughout the year (I can't remember the number of the form). That's all I get at least.
Yup, that's what I use. Just get TurboTax or TaxAct or whatever software you prefer. It will walk you through everything, lickety split.
Old 11-08-05, 03:30 PM
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You will rcv a statement from you mortgage company that shows how much interest you paid for the year.

Basically rather then taking the standard deduction you itemize. You can deduct your mortgage interest, Real Estate taxes, State income taxes, and charitible donations. This is of course assuming your itemized deduction is more then your standard deduction. (which may or maynot be the case)

Its really not that difficult. You don't need an accountant for this..
Old 11-08-05, 03:47 PM
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hmmm. i kinda remember something about a homestead form...

ok.. just checked with my county and there is a homestead exemption, but it applies to the year after the house is purchased

Last edited by j123vt_99; 11-08-05 at 04:01 PM.
Old 11-08-05, 04:43 PM
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Yeah, the homestead exemption is just subtracted in what you pay for property taxes. Using something like Turbo Tax will make this super easy. I enter in the info from my mortgage lender and I think what I paid in property taxes. Easy stuff.
Old 11-08-05, 04:59 PM
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Bought house in June, corn be heavy soon. That's the way I hear it, anyway. That may only apply to the stoning of the lottery loser, though, so take it with a grain of salt.
Old 11-08-05, 10:37 PM
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How much in interest do you pay each month (rough number is OK)? How much are your property taxes? Are you married? Keep in mind that just because you are paying property taxes and mortgage interest, you still might not have enough to itemize. I own a house but ever since I refinanced a couple of years ago (at 4.675% in a 15 year fix), my interest is so low that my wife and I use the standard deduction.

And yes, you'll receive the forms in the mail in January, as you receive them just put them in a box or wherever until you get everything (W-2s, 1099s, etc).

Do you own any mutual funds or stocks through an online company? If so, some of the fund families (and maybe the stock brokers) will let you download to either taxcut or turbotax, but not both. Find out which prior to borrowing a friend's disk. Will your household income be less than $50,000 this year? If so, don't borrow (or buy) the disks and instead check out irs.gov's free online filing (free if your income is less than $50,000, it's not been said how much it will be if your income is greater than $50,000).

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