Tax time is here "what are you getting back?"

[0ne_sik_notch]

im getting $1065.00 from fed/state total

 

[Gibs]

4500 ish still waiting on the wifes W2

500 to Ex
650 for trailer rental to haul classic to east coast for storage
1100 to send 07 GT to Hawaii
1000 for gas and hotels on leave to east coast
200 Master Bolt kit for classic
100 new brake lines for classic

Total 3550.....

Savings 950

 

[Shane361]

1560

 

[Tommy]

nothing. I still owe $12,800 from previous years after 09 is taken away :nonono:

 

[wickedbird]

8,500...that's with 2 kids and 6 month tax free deployment! I love it!

 

[Renegade]

i dont get jack f*cking sh*t, thank you democrats!

 

[02gt]

this is my first year in my new house and i have been told that the interest that i paid this year on my house is deductible, im not sure if it's up to a certian limit or the whole amount which is what i have been told....which the interest by it's is about 10,800 (im expecting another 2K on top of that)....home owners help me out here!!!!!!!

 

[Fighting Sailor]

I'm getting $3,654...

 

[BadBullitt]

this is my first year in my new house and i have been told that the interest that i paid this year on my house is deductible, im not sure if it's up to a certian limit or the whole amount which is what i have been told....which the interest by it's is about 10,800 (im expecting another 2K on top of that)....home owners help me out here!!!!!!!

All of your interest is tax deductible.

 

[sdsubzero4]

this is my first year in my new house and i have been told that the interest that i paid this year on my house is deductible, im not sure if it's up to a certian limit or the whole amount which is what i have been told....which the interest by it's is about 10,800 (im expecting another 2K on top of that)....home owners help me out here!!!!!!!

You will get a huge return. The whole amount of your interest and property tax is deductible.

 

[02gt]

You will get a huge return. The whole amount of your interest and property tax is deductible.

Oh Crap!!!! im looking at 15k+, oh happy days, oh happy days!!!!!!

 

[Shane361]

Never seen anyone get that high..might wanna check your math before you go to jail..lol

 

[sdsubzero4]

I think he meant what he can deduct and not what he gets back. Interest + property tax, $15k sounds about right.

 

[Shane361]

I think he meant what he can deduct and not what he gets back. Interest + property tax, $15k sounds about right.

15 grand in interest? I only paid like 350 in taxes last year for my house. Is it a 50% interest rate?? Atleast thats what they sent me. -Shane

 

[sdsubzero4]

15 grand in interest? I only paid like 350 in taxes last year for my house. Is it a 50% interest rate?? Atleast thats what they sent me. -Shane

10k in interest, that's what I paid and 5k on property tax. My property tax is over 7k.

 

[Tommy]

No, no, no.....


Example:


income earned +$70k
Interest paid -$10k
Property tx paid -$5k
---------------------

you're taxed on $55k

Whatever is "deductible" is exactly that....deducted from your taxable income and taxed on the balance.

 

[Shane361]

No, no, no.....


Example:


income earned +$70k
Interest paid -$10k
Property tx paid -$5k
---------------------

you're taxed on $55k

Whatever is "deductible" is exactly that....deducted from your taxable income and taxed on the balance.

Must have done mine wrong....no idea. I wonder if I could get more back since my house has not rented in over a year...

 

[Xodus989]

According to the H&R Block calculator, 824... That sounds like a lot? Idk. I've never filed before.

I've made 15,512.84 and had 1040.41 federal withheld. Single, no deductions.

Edit: aha, according to turbo tax online free. I owe 16 bucks to federal and get 5 from cali... So who knows I'm having a tax guy do mine.

 

[02gt]

i paid this year 10800 in interest and 2900 in property taxes....maybe another 1000 in back taxes....

 

[beejay31000]

im getting $7851, and another 8k when i purchase my house. i have til jan 11 since i was deployed all year too. sweet huh