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07-13-2008, 04:53 PM
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Back in good old Miami...
Status:
"Is laughing all the way to the bank..Literally"
(set 7 days ago)
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Join Date: Feb 2008
Location: A nicer place than before
3,416 posts, read 2,243,758 times
Reputation: 940
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End of year taxes question
I didn't see a forum for this question so I'll post it here. The bf and I just bought a house. Now I've heard lots of people say that its a good tax benefit and you can write lots of things off at the end of year. What receipts should I be keeping??? Home improvement? Extended warranties purchase receipts?? What?? Any help/advise you all can give is appreciated!!!!
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07-13-2008, 05:44 PM
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Trolls hate me.
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Join Date: Jul 2007
Location: West Michigan
7,537 posts, read 5,043,398 times
Reputation: 8024
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Can't say for sure if an itemized tax return will benefit you, only you can determine that at the end of the year. BUT, keep all receipts for improvements to the house that you make. If/when you sell it, those can be used to offset some of the hopeful profit you make from the sale so there are less taxes on that particular "income". I keep EVERYTHING when it comes to the house expenses. I feel sorry for the accountant I have to hire if I ever sell this place and they do the taxes for me. They will have about a thousand pounds of receipts if I keep going the way I am right now.  |
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07-13-2008, 07:01 PM
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Senior Member
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Join Date: Jun 2007
4,436 posts, read 2,581,706 times
Reputation: 1482
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Quote:
Originally Posted by himain
I didn't see a forum for this question so I'll post it here. The bf and I just bought a house. Now I've heard lots of people say that its a good tax benefit and you can write lots of things off at the end of year. What receipts should I be keeping??? Home improvement? Extended warranties purchase receipts?? What?? Any help/advise you all can give is appreciated!!!!
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Is he going to rent it to someone? |
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07-13-2008, 09:34 PM
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Back in good old Miami...
Status:
"Is laughing all the way to the bank..Literally"
(set 7 days ago)
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Join Date: Feb 2008
Location: A nicer place than before
3,416 posts, read 2,243,758 times
Reputation: 940
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No we are living here full time but am wondering what can I bring to the cpa at the end of the year to help. I know every little bit helps
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07-13-2008, 10:15 PM
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Senior Member
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Join Date: Jun 2007
4,436 posts, read 2,581,706 times
Reputation: 1482
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Quote:
Originally Posted by himain
No we are living here full time but am wondering what can I bring to the cpa at the end of the year to help. I know every little bit helps
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If you have some kind of home office for a business. Otherwise, not much. You will get an interest statement if you financed. |
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07-13-2008, 10:17 PM
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Moderator
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Join Date: Sep 2006
Location: frozen tundra ;-)
4,174 posts, read 2,390,229 times
Reputation: 2356
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You can write off mortgage interest paid and property taxes if you itemize.
Keep records of improvements so when you sell you will have them handy. Currently there is a very large exemption though, if you lived in your house for 2 years, so most likely you won't even need it then.
If you have rental property you can write off a lot more, such as repairs, appliances, lawn care etc. But you can NOT write this off on a personal residence.
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07-14-2008, 05:03 PM
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Back in good old Miami...
Status:
"Is laughing all the way to the bank..Literally"
(set 7 days ago)
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Join Date: Feb 2008
Location: A nicer place than before
3,416 posts, read 2,243,758 times
Reputation: 940
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I knew about it being a primary residence but didn't know if there was anything I could keep to help. Thanks everyone
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