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Old 08-10-2008, 02:37 PM
 
1,260 posts, read 2,152,610 times
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Hello, I just started pay mortage escrow payments on my 1st home on Aug 1 in 2008. I need to update my W-4 form for the 1st time.

1. Can add the itemized deduction for home mortage insurance for the next 5 monts (until Dec 1 2008) or do I add the deductions for the entire 12 months (starting from Jan 2008)? I am thinking NO and only calculate interst payments for the remaing 5 monts of the 2008 year.

2. Do I do the same for itemzed deductions of property tax and mortage premium?

I am thinking I can only itemized deductions for what I have paid or plan on paying for.

THank you all
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Old 08-10-2008, 03:24 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
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you can only add for what you paid for in 2008.

If you paid for the whole year, then yes...

More than likely you haven't paid for the whole year
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Old 08-10-2008, 03:27 PM
 
1,260 posts, read 2,152,610 times
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thanks for the responding.

My wife and I are filing jointly, but my itemized deduction is less than the the standard the deduction of 10,500.

total itemized deductions is 6500

standard deduction is 10500

Do even need to show the 6500 on the W-4 form or just leave it blank.
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Old 08-10-2008, 03:48 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
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You're talking about 2009 taxes now? lol

I think there's a lot more stuff you can add to the taxes....
property tax, mortgage insurance, closing costs (not all), mortgage interest payments, etc

You would need to ask a tax rep, but I think you can include a lot more stuff than mortgage related expenses within the 10,500.

I think you will be getting an interest payment form 1040.
You will be paying a lot of interest upfront within the first 10years of the mortgage.

I'm not totally sure about it but you can check out
Home Mortgage Interest Deduction - Claiming Mortgage Interest as a Tax Deduction
for more info about mortgage deductions.

Quote:
Originally Posted by darrell2525 View Post
thanks for the responding.

My wife and I are filing jointly, but my itemized deduction is less than the the standard the deduction of 10,500.

total itemized deductions is 6500

standard deduction is 10500

Do even need to show the 6500 on the W-4 form or just leave it blank.
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Old 08-13-2008, 09:45 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,900 times
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yes, please call your CPA or get one. dont waste your time going to an accountant or h&r block. please go to someone certified, at least for a year or 2 so that you can learn what is deductible.
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