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blu6385
Member since 5/08 8351 total posts
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Tax question RE: buying a house
My mom has me second questioning my accountant ...
we closed on the house the 1st week in october.
My accountant told me it might not be to our benfit to itimize this year cause the intrest is not that much.
Does that sound right? Am i suppose to be able to right off anything else.
Also his reasoning is that you get a standard amount if you dont itemize so its not always a good idea to itimize.
Does this sound right or do i have a bad accountant 
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Posted 2/4/13 7:25 PM  |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Tax question RE: buying a house
Either way he should calculate your itemized deductions to SEE which way is best for you (standard vs itemize).
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| Posted 2/4/13 7:32 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Tax question RE: buying a house
We closed at the end of October 2011 and did our taxes on our own but we did include the interest even though it wasn't much. It helped out a lot and made the difference between owing and getting back (not much but it was better than owing). Can your accountant do it both ways and see what works out better for you instead of just assuming it's better one way?
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| Posted 2/4/13 7:36 PM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Tax question RE: buying a house
he did tell me he was going to do it both ways to see which way worked out better. I trust him ... at least until my mom starting questioning it
i just needed some reassurance that he sounds like he knows what he is doing.
Message edited 2/4/2013 7:57:14 PM.
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| Posted 2/4/13 7:43 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Tax question RE: buying a house
As long as he's figuring it out both ways, to see which is more - the standard deduction or your itemized deductions (incl mortgage interest and real estate taxes), you should be fine.
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| Posted 2/4/13 7:56 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Tax question RE: buying a house
I think he's just giving you a heads up that since you closed in October, your mortgage interest and real estate taxes won't be that high. It's definitely conceivable that you might still be better off with the standard deduction this year.
Many people think the moment they close on a house their tax refunds will skyrocket - not always the case, especially when you close late in the year.
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| Posted 2/4/13 8:11 PM |
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blustar214
So in love with my little girl
Member since 1/10 2471 total posts
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Re: Tax question RE: buying a house
Posted by Goobster
Either way he should calculate your itemized deductions to SEE which way is best for you (standard vs itemize).
Yep, this exactly!
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| Posted 2/4/13 8:27 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Tax question RE: buying a house
Posted by Karen
I think he's just giving you a heads up that since you closed in October, your mortgage interest and real estate taxes won't be that high. It's definitely conceivable that you might still be better off with the standard deduction this year.
Many people think the moment they close on a house their tax refunds will skyrocket - not always the case, especially when you close late in the year.
this
Your accountant is just prepping you in case he thinks you think you will get some huge refund from itemizing, that you may not have a lot of deductions for 2012. Which may very well be true if you bough in October and have made maybe one mortgage payment. Mortgage interest and property taxes paid for the year tend to make up a good chunk of itemized deductions.
The standard deduction for MFJ this year is 12,200. If would only be beneficial to itemize if you have more than this amount in schedule A deductions.
The accountant is not trying to cheat you or anything.  they are probably just being realistic.
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| Posted 2/4/13 10:00 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Tax question RE: buying a house
I'd say it sounds like the accountant is correct. Unless you have a bunch if work related expenses you can write off your interest and taxes probably won't exceed the standard deduction and if it does it's probably not by much...
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| Posted 2/5/13 12:32 AM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
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Re: Tax question RE: buying a house
Just make sure you bring your HUD-1 because you *MAY* have paid costs at closing that you can deduct. Your accountant will calculate which is better. If he didn’t ask you for the HUD then I would say he might not know what he’s doing
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| Posted 2/5/13 8:07 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Tax question RE: buying a house
Thanks everyone ... my mom ended up texting me last night that she googled and the standardize deduction went up so now it make sense  ... it would have been nice if she did that first before getting me all worried 
i really didnt think he was trying to cheat me out of money
Posted by KittyTheTax
Just make sure you bring your HUD-1 because you *MAY* have paid costs at closing that you can deduct. Your accountant will calculate which is better. If he didn’t ask you for the HUD then I would say he might not know what he’s doing
this was the first thing he told me to bring 
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| Posted 2/5/13 8:34 AM |
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