FH and I are buying a house! I know this changes my tax deductions. How do I change my W2? Do I have to go through my accountant?
Thanks!!
Kara and Todd
Posted:
Member since
Re: NWR: Homeowners, a tax ?
You don't need to change your W2. It doesn't affect your tax withholdings / exemptions - just your deductions that are taken when you file your taxes.
BNBride60
Posted:
Member since
Re: NWR: Homeowners, a tax ?
Posted by Kara and Todd
You don't need to change your W2. It doesn't affect your tax withholdings / exemptions - just your deductions that are taken when you file your taxes.
Can't you claim your house as an exemption on your W2 if you want to (not that you have to)? I thought this was true, but I am no positive.
Munchkn16
Posted:
Member since
Re: NWR: Homeowners, a tax ?
Posted by Jess125483
Posted by Kara and Todd
You don't need to change your W2. It doesn't affect your tax withholdings / exemptions - just your deductions that are taken when you file your taxes.
Can't you claim your house as an exemption on your W2 if you want to (not that you have to)? I thought this was true, but I am no positive.
That's what I thought. We want to claim it as an exemption, I'm just not sure how to do that.
BNBride60
Posted:
Member since
Re: NWR: Homeowners, a tax ?
Posted by Munchkn16
Posted by Jess125483
Posted by Kara and Todd
You don't need to change your W2. It doesn't affect your tax withholdings / exemptions - just your deductions that are taken when you file your taxes.
Can't you claim your house as an exemption on your W2 if you want to (not that you have to)? I thought this was true, but I am no positive.
That's what I thought. We want to claim it as an exemption, I'm just not sure how to do that.
You actually wouldn't change your W2 - you'd need to change your W4. The W4 is the paper that allows you to calculate how many exemptions you are entitled to and that you submit to the payroll/HR department at your job. I used to be a bookkeeper at a law firm, so I am 100% positive about this part. Then you just calculate your exemptions and turn it back over to them, and they adjust your paycheck accordingly. If you claim too many exemptions, you'll end up owing taxes at the end of the year.
As far as whether you can claim your house as an exemption, I am pretty sure, but not positive, that you can. FH owns our house and has for a bout 5 years now. It's been so long since he set up his W4, but I am 90% positive he claims the house as an exemption.
ETA: Your W2 is the form you get once every year that reports your gross/net earnings, taxes paid, etc.
