egallo
LIF Zygote
Member since 1/06 2 total posts
Name:
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Tax Question
We moved into our house in Suffolk county in June 2006. We're attempting to file our taxes through Turbo Tax and have ran into a question that we just can't seem to figure out...
Does anyone know if you we would qualify for the Special Additional Mortgage Recording tax credit? We paid the NYS mortgage tax of 0.8% when our mortgage was recorded in June. These are the instructions for form IT-256 http://www.tax.state.ny.us/pdf/2005/inc/it256i_2005.pdf (the 3rd and 4th paragraph down explains who cannot claim)
I'm not sure how to interpret that. Does anyone know? Sorry for this confusing question. Thanks in advance .
Eileen
Message edited 2/12/2007 9:43:31 AM.
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Tax Question
it doesnt look like it:
A tax credit is not allowed for the special additional mortgage
recording tax paid on residential mortgages (defined below)
recorded on or after January 1, 2004, if the real property
is located in Erie county or any of the counties within the
Metropolitan Commuter Transportation District (MCTD). The
MCTD includes the counties of New York, Bronx, Queens, Kings,
Richmond, Dutchess, Nassau, Orange, Putnam, Rockland,
Suffolk, and Westchester.
A residential mortgage, for purposes of this credit, means a
mortgage of real property principally improved by one or more
structures containing a total of not more than six residential
dwelling units, each with its own separate cooking facilities.
eta: i am not an accountant, so don't quote me - this is why i am no longer doing my own taxes, its too confusing when you buy a house and have capital gains!
Message edited 2/12/2007 10:16:32 AM.
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egallo
LIF Zygote
Member since 1/06 2 total posts
Name:
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Re: Tax Question
Yeah its so darn confusing. Thanks for the input. I had seen the exception but what exactly does this mean?... "A residential mortgage, for purposes of this credit, means a mortgage of real property principally improved by one or more structures containing a total of not more than six residential dwelling units, each with its own separate cooking facilities."
I think I'll be using an accountant next time around 
Message edited 2/12/2007 11:28:24 AM.
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