My husband and I bought a house... how will that effect our 2014 tax returns?

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  • My husband and I bought a house... how will that effect our 2014 tax returns?


Answer #1 | 19/12 2013 21:41
I'm using 2013 numbers because I don't know the 2014 ones. A married couple automatically gets a $12,200 standard deduction. To do better than that, you'd have to itemize. Add up the interest you expect to pay, the property taxes and gifts to charity. Do they exceed $12,200? If yes, subtract and multiply by your tax rate (or use 15% to get started).
Answer #2 | 19/12 2013 21:43
It depends. Did you pay cash or do you have a mortgage? Will you have enough deductions to itemize or will you take the standard deduction? If you itemize you can deduct the mortgage interest, property tax blah blah blah. You need to read the IRS's not hard.
Answer #3 | 20/12 2013 00:29
Very unlikely it will affect your return for this year. Next year the interest and property tax might give you enough deductions to itemize.
Answer #4 | 20/12 2013 05:01
For the current 2013 tax year MIGHT NOT be of benefit at all for the 2013 tax year BUT you will NOT know the correct answer until you do correctly fill out the 1040 FIT tax return along with the Schedule A itemized deductions and then that total amount from the schedule A will have to be MORE than your 12200 standard amount is for the 2013 tax year during the 2014 tax filing season before it will be of any benefit to you at all for the 2013 tax year OK. Hope that you find the above enclosed information useful. 12/20/2013
Answer #5 | 20/12 2013 08:41
probably not you won't have enough mortgage interest very likely to use Sch A unless you have other items that can be claimed on that form and the property taxes you can claim would be only for the three months you owned it will make a difference for 2014 however

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