Tax Questions - 2007 - post them here!!!

[SammysMom]

Ok question here
We bought a house in November and I have no clue what we are suppose to file. We have always done 1040. Thanks!!

[jonjaktez]

UGH I've started but I have to wait on one more things and it probably won't be out until march 15.

[luvmy3boys]

Originally Posted by SammysMom Ok question here We bought a house in November and I have no clue what we are suppose to file. We have always done 1040. Thanks!!

Not sure what your question is. You do not get a deduction for buying a house, but you may have a lot of deductions from owning a house, i.e. taxes, interest. Those things go on your itemized deductions which is Schedule A. You would still file a 1040.

[jonjaktez]

Originally Posted by luvmy3boys Not sure what your question is. You do not get a deduction for buying a house, but you may have a lot of deductions from owning a house, i.e. taxes, interest. Those things go on your itemized deductions which is Schedule A. You would still file a 1040.

IF I'm thinking correctly, Some of the closing cost can be counted on your income tax. I'm not sure where they go on it, might be schedule A. I'll try and get some more info for you. YOu can also go to the irs website and search to find an answer.

[jonjaktez]

Ok I'm thinking that you can count attorney fees, deed registration fees, not sure what else.

New this year: You can deduct your PMI(premium mortgage insurance~insurance on your mortgage, not your homeowners insurance) on schedule A.

[SammysMom]

Originally Posted by jonjaktez Ok I'm thinking that you can count attorney fees, deed registration fees, not sure what else. New this year: You can deduct your PMI(premium mortgage insurance~insurance on your mortgage, not your homeowners insurance) on schedule A.

I was just told about that yesterday, about the PMI.
I know you dont get a deduction for buying a house. I wasnt sure if we would still file on the 1040 form or is there another 1040, and I know there is the 1040EZ which we dont use.
So Jonjaktez I need to get the schedule A to itemize all that stuff? This is our first house and Ive never used the schedule A form before. So if I sound dumb Im sorry but we are talking about taxes here LOL

[luvmy3boys]

Just use the regualr 1040, Sammysmom. Then do a schedule A. First, you need to make sure that your deductions on schedule A are more than 10K (I think it is 10,700), the standard deduction, b/c if they are not, then it is better to do just a standardized deduction and not do the schedule A. Especially since you bought the house in November you might not have paid a lot of taxes or interest in just a couple of months. If you do a computer program, like taxcut, it will figure it out and then choose the better way for you.

[jonjaktez]

Yes a schedule A.
Basic Items that you can itemize:
Medical and Dental Expenses
Taxes (real estate and property)
Interest
Charity
Casualty and theft losses
Job expenses and certain miscellaneous deductions
Other Miscellaneous Deducations

You can print these form and any forms off the internet, but be sure you always get the instruction if it's the first time you're using the form.

[jonjaktez]

Originally Posted by luvmy3boys Just use the regualr 1040, Sammysmom. Then do a schedule A. First, you need to make sure that your deductions on schedule A are more than 10K (I think it is 10,700), the standard deduction, b/c if they are not, then it is better to do just a standardized deduction and not do the schedule A. Especially since you bought the house in November you might not have paid a lot of taxes or interest in just a couple of months. If you do a computer program, like taxcut, it will figure it out and then choose the better way for you.

luvmy3boys is correct but be careful of computer programs. H&R Block's computer program is not asking about the PMI deduction that is on the schedule A.

I have always used computer programs but this year i'm rethinking it, unless I can find a program that includes all that is on the printed forms.

[sush]

Hi

This is our first year using the Schedule A because webought a house. DO we need to send a copyof teh Property taxes that we are claiming or just put the numbers down.
For eg - we always attach the W2s but not the 1099 Int forms. SO with Property taxes and interest paid for mortgage - which is it - attach or not?