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Mortgage and taxes question
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Mortgage and taxes question
About how much of your interest is tax deductible? And since we are in a co-op, how much of the maintainence is deductable? We gained possession late November, so although we only paid maint. fees for a month and a half, shouldn't we still have gotten a statement stating what we can deduct?
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Posted 2/27/06 11:18 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Mortgage and taxes question
well..my tax guy said nothing helped us and we moved in nov. also... i hope he is wrong..i may double check our taxes someplace else.
then again, i seen him for 10 years now and has always looked after my best intreset
he said, next year, much better
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| Posted 2/27/06 11:23 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Mortgage and taxes question
All your interest and real estates taxes paid during the closing and after possession in 2005 is deductible. You should have received a 1098 and a letter from your coop board to calculate the real estate taxes.
Don't forget you need to exceed the standard deduction to itemize - you may not have paid enough this year for it to help.
Hope that helps.
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| Posted 2/28/06 9:14 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Mortgage and taxes question
Posted by BabyBoy
well..my tax guy said nothing helped us and we moved in nov. also... i hope he is wrong..i may double check our taxes someplace else.
then again, i seen him for 10 years now and has always looked after my best intreset
he said, next year, much better
Yep, next year (because you will have a full year worth in), will be much, much better.
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| Posted 2/28/06 9:17 AM |
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