Poll..What is your tax refund if you are married and own a home?
Valentinegirl
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Poll..What is your tax refund if you are married and own a home?
(and no kids). I've heard it can be alot so I was curious. Thanks for answering.
WinterBride2005
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Re: Poll..What is your tax refund if you are married and own a home?
I think it really depends on the amount of taxes you are paying for your home.
Valentinegirl
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Re: Poll..What is your tax refund if you are married and own a home?
The higher the taxes you pay, the more refund?
Kate
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Re: Poll..What is your tax refund if you are married and own a home?
No, I was told the property taxes had nothing to do with it. They are not deductible, its the mortgage interest you pay thats deductible.
JodiBabe
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Re: Poll..What is your tax refund if you are married and own a home?
I own my home but have no mortgage & have a 22 year old daughter that lives with us. We just got married 7 months ago. We got back almost 4K
luvsun27
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Re: Poll..What is your tax refund if you are married and own a home?
This was my first year owning a house....I got back about 6K!!! Usually...I owe, so this was so much more fun!
CathyB
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Re: Poll..What is your tax refund if you are married and own a home?
We owned an apartment last year and got married and got less than $1000 back, but that's because our combined income put me in a higher tax bracket so we had to pay the additional taxes that didn't come out of my salary. DH was already in that tax bracket.
We're hoping that next year owning the house will make a bigger difference.
spel
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Re: Poll..What is your tax refund if you are married and own a home?
owning a home makes a huge difference. of course, i wish it was more! now that we own a house we have so much work we need done on it! and although the tax refund is great, its so expensive to own a home! theres always a ton of things to replace/fix/upgrade...
karen32
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Re: Poll..What is your tax refund if you are married and own a home?
this isn't really a good question - your tax refund is based on a lot of things.
people who got HUGE refunds gave the government an interest free loan for the past year, and took home less $$ with every paycheck because the government withheld so much. other people prefer to pay on april 15th so they have more of their money to use during the year.
there is no 'set' amount that you will get back. you will pay whatever your tax is - whether you overpay during the year and get a refund, or owe on april 15th - the government is getting the same amount of $$ from you. the only thing that is different is the timing.
anyone can manipulate their withholdings to get a huge refund. it is good for people who are not savers during the year. with interest rates so low right now - some people prefer to have the government 'hold' onto their money so they don't blow it.
missmmpr
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Re: Poll..What is your tax refund if you are married and own a home?
I don't think it usually shows until your first FULL year of owning a house...I could be wrong though.. For the first year, I think the ealrier you bought your house in that year, the more you will get back...
If you bought your house in November or something, that year's tax refunds won't be as much..
dm24angel
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Re: Poll..What is your tax refund if you are married and own a home?
Posted by karen32
this isn't really a good question - your tax refund is based on a lot of things.
people who got HUGE refunds gave the government an interest free loan for the past year, and took home less $$ with every paycheck because the government withheld so much. other people prefer to pay on april 15th so they have more of their money to use during the year.
there is no 'set' amount that you will get back. you will pay whatever your tax is - whether you overpay during the year and get a refund, or owe on april 15th - the government is getting the same amount of $$ from you. the only thing that is different is the timing.
anyone can manipulate their withholdings to get a huge refund. it is good for people who are not savers during the year. with interest rates so low right now - some people prefer to have the government 'hold' onto their money so they don't blow it.
I worked for the IRS for 5 years and I agree with you!
Diane
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Re: Poll..What is your tax refund if you are married and own a home?
Posted by dm24angel
Posted by karen32
this isn't really a good question - your tax refund is based on a lot of things.
people who got HUGE refunds gave the government an interest free loan for the past year, and took home less $$ with every paycheck because the government withheld so much. other people prefer to pay on april 15th so they have more of their money to use during the year.
there is no 'set' amount that you will get back. you will pay whatever your tax is - whether you overpay during the year and get a refund, or owe on april 15th - the government is getting the same amount of $$ from you. the only thing that is different is the timing.
I agree too. I would rather get more $$ in my checks than to wait once a year for that big check once a year. We are getting $$ back only because hubby's business claimed a loss, so we are getting a nice chunck back anyone can manipulate their withholdings to get a huge refund. it is good for people who are not savers during the year. with interest rates so low right now - some people prefer to have the government 'hold' onto their money so they don't blow it.
I worked for the IRS for 5 years and I agree with you!
karen32
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Re: Poll..What is your tax refund if you are married and own a home?
Posted by Kate
No, I was told the property taxes had nothing to do with it. They are not deductible, its the mortgage interest you pay thats deductible.
that is an incorrect statement - property taxes on your primary residence ARE deductible, as well as your mortgage interest.
Valentinegirl
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Re: Poll..What is your tax refund if you are married and own a home?
Thanks for the responses. I see it can vary alot but I was just curious.
Niecey
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Re: Poll..What is your tax refund if you are married and own a home?
Posted by karen32
this isn't really a good question - your tax refund is based on a lot of things.
people who got HUGE refunds gave the government an interest free loan for the past year, and took home less $$ with every paycheck because the government withheld so much. other people prefer to pay on april 15th so they have more of their money to use during the year.
there is no 'set' amount that you will get back. you will pay whatever your tax is - whether you overpay during the year and get a refund, or owe on april 15th - the government is getting the same amount of $$ from you. the only thing that is different is the timing.
anyone can manipulate their withholdings to get a huge refund. it is good for people who are not savers during the year. with interest rates so low right now - some people prefer to have the government 'hold' onto their money so they don't blow it.
I saw this thread yesday and told DH about it and we were saying and have been saying similar. Also DH is a cpa and a play by the book person - he always says taxes are taxes it is pretty much a simple equation - it just depends how much you want to stretch the truth or the equation.
For us we only owned our home for 6 months of the year and we pay very high local taxes (even though they really don't figure into the taxes). We still had to pay ALOT this year. Our combined income was one factor that makes us pay (higher tax bracket with our combined salaries), the second factor is the way you were taxed...we lived part of the year in the city and part in LI and the way things were taxed caused us to owe. We hope we pay less next year after a whole full year of home ownership but if we get raises/salary increases - it could also offset the refund (believe me my DH is already doing the calcs for next year - based on estimated numbers).
karen32
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Re: Poll..What is your tax refund if you are married and own a home?
denise - your hubby sounds just like me!!! the CPA in me loves during our estimated tax calc!!!! now with hubby's stuff too - it has gotten a lot more interesting!!!!
RedHead
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Re: Poll..What is your tax refund if you are married and own a home?
Posted by luvsun27
This was my first year owning a house....I got back about 6K!!! Usually...I owe, so this was so much more fun!
me too
RedHead
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Re: Poll..What is your tax refund if you are married and own a home?
next year i don't thik we will file together either
Kate
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Re: Poll..What is your tax refund if you are married and own a home?
Posted by karen32
Posted by Kate
No, I was told the property taxes had nothing to do with it. They are not deductible, its the mortgage interest you pay thats deductible.
that is an incorrect statement - property taxes on your primary residence ARE deductible, as well as your mortgage interest.
ah yes, now I see it, in the Itemized Deductions....
nan&dave
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Re: Poll..What is your tax refund if you are married and own a home?
It all depends on when you were married, when you purchased your home, the interest paid on the house, and taxes withheld from your income.
