who got their taxes already

Original post by Espo22

Feb 13, 2008 10:20 AM

well we gave them in last week and today we go to pick it up and find out how much we get back. OH GOD more than any other year we need it this year, well all of us im sure need it more this year than other years. I just want to pay most of my hall NOW. They did this whole payment plan for us at the RH, so we pay every 2-3 months an installment and then 10 days before we will have about half left to give. If we get a decent amount back today then it'd go mostly towards the RH, and this way for the last 3 months i dont have to sit here and keep going to make payments.

So who has got theirs back already? Anybody effected bc of the new rebate laws? for good or bad? With the new rebate laws i dont know what to expect

Good luck to the rest of you ladies, i know we're all praying

mRm2008 Posted: Feb 14, 2008 06:51 AM

Re: who got their taxes already

I did mine last night. I got back $1 LESS than I did last year in total

IT FIGURES

Soon2BMrsD Posted: Feb 14, 2008 02:31 PM

Re: who got their taxes already

since i still live at home my parents still claim me so i think i get screwed!

but can someone please explain to me how is it that i make less then 10k a year and i ALWAYS HAVE TO PAY!!!!!!

im a big DUH DUH when it comes to this stuff but i just doesnt make any sense.. my school loan for this year was more then 10k so i just dont get it

Espo22 Posted: Feb 14, 2008 02:43 PM

Re: who got their taxes already

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

snwb08 Posted: Feb 14, 2008 02:50 PM

Re: who got their taxes already

Posted by Espo22

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

Espo22 Posted: Feb 14, 2008 02:52 PM

Re: who got their taxes already

Posted by snwb08

Posted by Espo22

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

48% is real good....im hoping we get a place that is between 45-50%

snwb08 Posted: Feb 14, 2008 02:52 PM

Re: who got their taxes already

Posted by Soon2BMrsD

since i still live at home my parents still claim me so i think i get screwed!

but can someone please explain to me how is it that i make less then 10k a year and i ALWAYS HAVE TO PAY!!!!!!

im a big DUH DUH when it comes to this stuff but i just doesnt make any sense.. my school loan for this year was more then 10k so i just dont get it

when i lived at home, my uncle aka parents accoutant told them they should not be claiming me anymore b/c i was working practically full time and not getting any tax benefit. don't you get an education tax credit? I get it but i'm not eligible b/c my company pays for school. I got it in college though and it was great.

also, you should always claim 0 if you want to get the most back. don't if you want more money in your check throughout the year.

snwb08 Posted: Feb 14, 2008 02:53 PM

Re: who got their taxes already

Posted by Espo22

Posted by snwb08

Posted by Espo22

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

48% is real good....im hoping we get a place that is between 45-50%

yeah definitely a selling point. and my maintenance was/is pretty low (it went up a little) b/c I'm in pre-war, no doorman building. who needs a doorman!

some of them are SO high, it's ridiculous.

Espo22 Posted: Feb 14, 2008 02:59 PM

Re: who got their taxes already

Posted by snwb08

Posted by Espo22

Posted by snwb08

Posted by Espo22

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

48% is real good....im hoping we get a place that is between 45-50%

yeah definitely a selling point. and my maintenance was/is pretty low (it went up a little) b/c I'm in pre-war, no doorman building. who needs a doorman!

some of them are SO high, it's ridiculous.

yeah thats why last night fh and i were talking and i think were not going to go with our front runner...the maintenance is high, although the price of the house is very low so that was great and we would've still come in at the budget we set for ourselves monthly...problem with maintenance though is that you dont know how much it can go up or how often. The problem is that the co-op community the apartment was in, is undergoing a HUGE renovation and maintenance is going to go up this year no matter what and its already over 1k for maintenance. Plus with what they plan on doing, its alot of work and ALOT of construction so thats another problem for us.

snwb08 Posted: Feb 14, 2008 03:03 PM

Re: who got their taxes already

Posted by Espo22

Posted by snwb08

Posted by Espo22

Posted by snwb08

Posted by Espo22

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

48% is real good....im hoping we get a place that is between 45-50%

yeah definitely a selling point. and my maintenance was/is pretty low (it went up a little) b/c I'm in pre-war, no doorman building. who needs a doorman!

some of them are SO high, it's ridiculous.

yeah thats why last night fh and i were talking and i think were not going to go with our front runner...the maintenance is high, although the price of the house is very low so that was great and we would've still come in at the budget we set for ourselves monthly...problem with maintenance though is that you dont know how much it can go up or how often. The problem is that the co-op community the apartment was in, is undergoing a HUGE renovation and maintenance is going to go up this year no matter what and its already over 1k for maintenance. Plus with what they plan on doing, its alot of work and ALOT of construction so thats another problem for us.

mine went up $40 in a year. on a percentage basis that was about 7%. they said b/c of rising fuel costs, which obviously I get. But it's true you can never tell how much it will go up. I was lucky b/c mine is a $2br and the maintenance is still under $700. but it sounds like that place they would definitely have excuses to raise it if they are renovating, so it could end up being a lot.

MrsK2008 Posted: Feb 14, 2008 03:04 PM

Re: who got their taxes already

Posted by snwb08

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

i called our bank today, I am waiting for someone to call me back. I am pretty frustrated with the information we have been given. If we truly can write off maint., at least a portion of it, in our taxes it totally changes everything.

thank you so much for the info!!!!!!

snwb08 Posted: Feb 14, 2008 03:06 PM

Re: who got their taxes already

Posted by MrsK2008

Posted by snwb08

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

i called our bank today, I am waiting for someone to call me back. I am pretty frustrated with the information we have been given. If we truly can write off maint., at least a portion of it, in our taxes it totally changes everything.

thank you so much for the info!!!!!!

you're welcome. good luck, I've had a REALLY hard time getting in touch with my bank - i've been calling for weeks about refinancing and getting rid of my PMI and no one EVER calls me back. i'm ready to switch banks just out of principal.

Espo22 Posted: Feb 14, 2008 03:06 PM

Re: who got their taxes already

Posted by snwb08

Posted by Espo22

Posted by snwb08

Posted by Espo22

Posted by snwb08

Posted by Espo22

Posted by MrsK2008

Posted by Espo22

plus we're buying an apartment so maintenance is anywhere from 30-50% deductible so we can get back maybe 50% what we paid in maintenance.

I was under the impression that maintenance was NOT deductible, only interest.

DO I have to call my accountant?

Wh ave been pre approved straight to close for a mortgage, and one of the things outrmortgage broker reminded us of fervently was that maint. fees were not a write off. Co op, or condo??

at a co-op building it is deductible. Mine is and even snwb posted that hers is...plus all the apartments we have been looking at the past few weeks, i make sure to ask this...some were 30%, some 40, 45, even 48 and 50%. Even on real estate sites that have listings it says they are deductible

yup, mine is like 48% i think. not sure about condos but co-ops almost always are... that's the only good thing about paying maintenance.

i believe it's usually the portion of the maintenance that goes to pay the real estate taxes that's deductible. so my mgmt co. uses 48% of my maintenane to pay RE taxes. I think that's how it works.

48% is real good....im hoping we get a place that is between 45-50%

yeah definitely a selling point. and my maintenance was/is pretty low (it went up a little) b/c I'm in pre-war, no doorman building. who needs a doorman!

some of them are SO high, it's ridiculous.

yeah thats why last night fh and i were talking and i think were not going to go with our front runner...the maintenance is high, although the price of the house is very low so that was great and we would've still come in at the budget we set for ourselves monthly...problem with maintenance though is that you dont know how much it can go up or how often. The problem is that the co-op community the apartment was in, is undergoing a HUGE renovation and maintenance is going to go up this year no matter what and its already over 1k for maintenance. Plus with what they plan on doing, its alot of work and ALOT of construction so thats another problem for us.

mine went up $40 in a year. on a percentage basis that was about 7%. they said b/c of rising fuel costs, which obviously I get. But it's true you can never tell how much it will go up. I was lucky b/c mine is a $2br and the maintenance is still under $700. but it sounds like that place they would definitely have excuses to raise it if they are renovating, so it could end up being a lot.

yeah we asked the real estate agent how often maintenance went up and how much its gone up the past few years...thats when he told us what theyre going to do. FH knows alot about what theyre doing from the engineer side of the job and he said its a multi-million dollar renovation so our maintenance can go up pretty high.

Even with my apartment now, it was like $591 when we moved in and now its $791 and thats just in 3 years.

KiTTeN0819 Posted: Feb 14, 2008 03:23 PM

Re: who got their taxes already

I got mine the 3rd week in January. I work for uncle sam, so as soon as I got my W-2 i filed. I filed January 11th and got it back the 18th. I didnt get a whole lot back. I have to be really careful that I am entitled to every little thing I claim cause if i ever got caught inflating deductions I would lose my job.

Tax rebates look like there going out in May sometime and they will equal the amount of your tax liabilty, with the max at $600 for single, $1200 for joint returns and $300 extra per dependant for those with children.