Money Matters
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Tax refund and buying a home

I was going to post this question on the Tax Talk board but there are only three posts there. This board is slow too, but not AS slow lol.

 DH and I purchased a home and a 2012 energy efficient vehichle. As far as the "advice" I have been given, both of these factors are going to play into our tax return. Everyone keeps telling me we will have a BIG return this year.

What are the factors that would give me a larger return?

BFP #1 11/07/2012 EDD 07/09/2013 M/C 11/22/2012

BFP #2 02/05/2013 EDD 09/19/2013

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Re: Tax refund and buying a home

  • Both of these are deductions you can use only if you itemize.  To come out ahead by itemizing, you need to have more deductions than the standard deduction amount.  Any excess over the SD amount would be refunded at your current tax rate.  (28% rate would give youn$280 for every 1K over the SD amount.)

    Some people will be surprised that they will not be able to itemize if they have a very low interest mortgage rate and borrowed a small amount and  few other deductions.  Big returns were common when mortgage rates were 8-9-10%, but if you have 4% with a 1/2 of payments.

    A popular deduction is charitable contributions,

    Some, (not all) items of your closing may be deductible

  • First of all, the return is what you file; the refund is what you get back. Look up the instructions for itemized deductions on the IRS website; it is down Labor Day weekend, but will be back up before that. It will tell you what you can deduct.
  • image brdlvr:
    First of all, the return is what you file; the refund is what you get back. Look up the instructions for itemized deductions on the IRS website; it is down Labor Day weekend, but will be back up before that. It will tell you what you can deduct.

    Thank you! 

    BFP #1 11/07/2012 EDD 07/09/2013 M/C 11/22/2012

    BFP #2 02/05/2013 EDD 09/19/2013

    Lilypie Angel and Memorial tickers

    Lilypie Pregnancy tickers

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