Owning a home and tax refund?

Question

How much on average do you get back on a tax return for owning a home? I pay about $1000 a month

I posted earlier about this topic.

Just curious if anyone has an answer of if you need more info

Answer

It varies, but we you saying your mortgage is $1,000 a month? If you're married, you might be better off taking the standard deduction, instead of itemizing, if you don't have other deductions besides your mortgage interest. But generally this isn't a question people can answer with the info given, and there is no standard amount to receive back (will also depend on what you claimed for withholding).

Answer

How much you get back depends on how much you earn, how much your mortgage interest is, how many itemized deductions you have and your tax bracket. My husband and I used to choose zero deductions on our W-2 and still ended up owing about 1 to 2000 come time to file our tax returns.

We bought a home and the first year we did the zero deductions on our W-2 and got a $5000 refund. But we live in CA so our mortgage is high which means high interest and a bigger deduction.

Answer

It depends on your tax bracket and how much interest you're paying. The deduction comes from the interest on the mortgage.

Answer

Like a lot of others have already commented, there's a number of things that go into your refund or amount owed. If you are itemizing your deductions, there are several items you can include (mortgage interest, state income taxes, real estate taxes, donations, employee expenses that aren't reimbursed, etc.). Someone making $50k could get a large refund while another person making $35k could owe a lot. It all has to do with income - deductions x tax rate vs what you withheld. Obviously that's a very simple way to show how it's calculated, but it's just to show that every persons taxes are different. And I don't know if it counts for anything, but I'm a CPA and did tax for several years, so I'm happy to clarify if you'd like!

Answer

Yep depends on your income..if you make over I believe 38000 you won't end up getting a single red cent because they say you make too much. Isn't that nice? :(

Answer

We claim the interest but hardly get anything back because of the bracket we fall into 😩

Answer

It depends in your income. Also, in order to claim a credit for mortgage insurance, you must itemize your return. It's usually easier and more beneficial to just claim the standard deduction instead.

Answer

Taxes are extremely complicated so do not use other people's experiences to makes decisions for yourself. There are too many variables. Whether you are married or not, whether your itemized deductions are higher than your standard, how much INTEREST you are paying on your mortgage (you onjy get to deduct the interest and taxes), how much withholding you put down on your W-2s, how much pre-tax deductions you have...

There's a reason why we use software and professionals to do taxes unless you have a very simple job and no deductions.

Then there are differences based on what state you live in etc etc. So do not assume because you and your friend make the same amount of money or have the same mortgage payment that your tax burden or refund will be similar!

I am an attorney and I tried to get into taxes and I only finished the classes my school loved to call "baby tax" classes and I wanted to die. It was hard!

Then I did my own taxes for a while and then I switched to software...and then I finally sucked it up and paid a CPA and he is worth every last penny. I thought I knew a lot but he taught me so much! I am considering paying him for financial planning this year since he has saved me so much on taxes.

Answer

Our taxes and interact are not enough to claim so we get nothing from our house.

Owning a home and tax refund?

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