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Old 04-30-2008, 09:33 PM
 
Location: Thousand Oaks, CA
75 posts, read 411,909 times
Reputation: 80
Cool How to calculate tax return

Hi,

I basically have a house I am trying to figure my return on it. Can somebody tell me how to do a very rough estimate?

Annual Interest Paid: 24,000
Property Tax: 5,000
Gross Income: 24,000
Maintenance: 1,000

I personally get taxed 10,000 a year. My salary is 50,000 a year. How much can I expect to get back?

Thanks!
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Old 04-30-2008, 10:39 PM
 
Location: Cosmic Consciousness
3,874 posts, read 11,123,067 times
Reputation: 2433
I am a tax accounting specialist. I do not understand anything in the OP.
Is the OP trying to calculate something on their 1040? Something about income from renting (or selling??) the house mentioned? Something else?
What does "personally getting taxed" mean?
Was the "Interest" mentioned paid TO the OP by some institution, or did the OP pay that interest amount on the mortgage for the house mentioned?
Is this a question about calculating ROI? (return on investment) Because if it's ROI, the return is clearly in the red.
Does anyone understand this OP?

Last edited by allforcats; 04-30-2008 at 10:51 PM..
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Old 05-01-2008, 08:14 AM
 
24,447 posts, read 25,354,433 times
Reputation: 32472
Quote:
Originally Posted by Shikaka805 View Post
Hi,

I basically have a house I am trying to figure my return on it. Can somebody tell me how to do a very rough estimate?

Annual Interest Paid: 24,000
Property Tax: 5,000
Gross Income: 24,000
Maintenance: 1,000

I personally get taxed 10,000 a year. My salary is 50,000 a year. How much can I expect to get back?

Thanks!
First of all, I sure hope you filed an extension on your return since you're about 15 days past the filing deadline.
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Old 05-06-2008, 09:40 PM
 
Location: Thousand Oaks, CA
75 posts, read 411,909 times
Reputation: 80
This is just a question....just trying to learn....nothing to do with personal finances
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Old 05-07-2008, 08:00 AM
 
Location: New England
786 posts, read 42,503 times
Reputation: 553
How much do you have withheld or otherwise paid in and what is your filing status?
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Old 05-07-2008, 08:24 AM
 
3,551 posts, read 6,647,849 times
Reputation: 2249
You can plug all of your numbers in at TurboTax® Tax Preparation Software, FREE Tax Filing, eFile Taxes, Income Tax Returns and see what your taxes would be. You don't have to pay until you file, and only if you chose to file through them.
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Old 05-07-2008, 12:13 PM
 
Location: Cosmic Consciousness
3,874 posts, read 11,123,067 times
Reputation: 2433
Quote:
Originally Posted by Shikaka805 View Post
This is just a question....just trying to learn....nothing to do with personal finances
Yes, we appreciate that you are trying to learn something. But I think we're having difficulty understanding exactly what you are asking.

Are you asking something about income-producing real estate? If so, what are you asking?
Or are you asking something about Form 1040 (or other Form), federal income taxes? If so, what are you asking?

Could you perhaps rephrase your questions? We are hoping to understand how to help you. Thank you so much!

Last edited by allforcats; 05-07-2008 at 12:51 PM..
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Old 05-08-2008, 06:40 AM
 
Location: Moon Over Palmettos
5,972 posts, read 11,857,729 times
Reputation: 4751
Me too! Totally befuddled by the Gross Income of $24K and a salary of $50K. Is $24K AGI...and personally taxed, is that property taxes? withholding? Duh? I'm out!
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