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Mortgage and taxes question

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MissJones
I need a nap!

Member since 5/05

22138 total posts

Name:

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?

Posted 2/27/06 11:18 PM
 
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BabyBoy
is Skylar Elizabeth

Member since 5/05

4189 total posts

Name:
Tom

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

Posted 2/27/06 11:23 PM
 

Charly
LOVE!

Member since 5/05

12578 total posts

Name:

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.

Posted 2/28/06 9:14 AM
 

BrunetteMom
LIF Adult

Member since 8/05

1480 total posts

Name:

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.

Posted 2/28/06 9:17 AM
 
 

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