Tax Returns question

It depends. With interest rates being so low, you'll probably receive some benefit (assuming it pushes you into itemize.) If you were previously itemizing, then it will greatly benefit you.

How much interest did you pay this year and what's your income?

Then I can't tell you how much more you can expect from your tax refund of the top of my head


How much is your note? It's almost all interest right now

quote:

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My note is about $1087.

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That probably includes escrow.

Do this:

1) Look at a recent mortgage statement (via paper mail or online) and figure out what the interest portion of your last payment was.

2) Multiply that times the number of months this year that you will own the house.

3) To the number you have from item 2, add the amount you think you will pay in property taxes by the end of the year (tax bills are usually out by now).

4) Then add in any loan origination fees you paid in 2015.

5) Then add in the total amount of state income taxes you paid or will pay in 2015.

6) Finally, add in any charitable contributions. Assuming you don't have any other things such as misc. deductions, this is your total itemized deductions.

7) Since you are single, subtract $6,300 from the total in item 6. This is your itemized deductions for which you are actually getting a benefit.

8) If you are in LA, multiply the amount in item 7 by 30 percent.

This is a very, very rough idea of how much tax dollars you will save by having the house.