https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sat, 11 Apr 2026 18:04:41 +0000 https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485705 Mon, 07 Jan 2013 11:20:26 +0000 MrsBrewer 485705@https://boards.hellobee.com/ <p>@yoursilverlining: Yep definitely have online access, I hate writing checks so everything I do is online! I will check that out :-) Maybe this tax season won't be too bad. </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485702 Mon, 07 Jan 2013 11:19:25 +0000 yoursilverlining 485702@https://boards.hellobee.com/ <p>@MrsBrewer: If you have online access to your student loans, the tax statements will be available there. Ours (we have 4 loans ourselves haha) are usually available about mid-month. I am not math inclined, but always found it easy to figure out, so don't worry! :) </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485686 Mon, 07 Jan 2013 11:15:44 +0000 MrsBrewer 485686@https://boards.hellobee.com/ <p>@yoursilverlining: Good to know about the student loan interest! I will have to look for that statement. Well......5 in our case....haha </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485682 Mon, 07 Jan 2013 11:14:22 +0000 yoursilverlining 485682@https://boards.hellobee.com/ <p>@ladyfingers: Yeah, we didn't see any real benefit either after buying a home (we've owed every single year since we got married, home or not). :/ </p> <p>@MrsBrewer: The interest is a deduction you take (you don't have to itemize to benefit). I think the limit is $2,500 in interest paid but I might be off on that. Your student loan company will provide you a statement that shows the amount of interest you paid in 2011. If you file a regular 1040, the instruction booklet explains what to do - it's very easy to do! </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485679 Mon, 07 Jan 2013 11:13:43 +0000 mlm2934 485679@https://boards.hellobee.com/ <p>Yea I don't know what the hell our problem is, but we had to pay $300 taxes in the year after got our house... Guess I should just consider it a blessing that apparently we don't pay enough to taxes and interest in to get a tax refund. </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485673 Mon, 07 Jan 2013 11:12:51 +0000 ladyfingers 485673@https://boards.hellobee.com/ <p>@MrsBrewer: Totally! </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485670 Mon, 07 Jan 2013 11:12:15 +0000 MrsBrewer 485670@https://boards.hellobee.com/ <p>@ladyfingers: Some is better than none!! </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485666 Mon, 07 Jan 2013 11:11:45 +0000 ladyfingers 485666@https://boards.hellobee.com/ <p>@MrsBrewer: Yeah, you should get a form from your lender (it's only if you pay a certain amount in interest) and then there's a line for it on your return. Turbo Tax just asks us and we enter it and it's automatically calculated. It doesn't deduct all the interest you paid, just a small portion. </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485658 Mon, 07 Jan 2013 11:10:46 +0000 MrsBrewer 485658@https://boards.hellobee.com/ <p>@ladyfingers: Yea no way will we hit the 11,600 either! I didn't know that about the student loan interest...is that just a deduction you can take then for how much you spent on interest for student loans? </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485642 Mon, 07 Jan 2013 11:06:16 +0000 ladyfingers 485642@https://boards.hellobee.com/ <p>Yeah I'm about 99% sure that we're not going to see any benefit. Even with 75% our payments going toward interest and taxes right now, we won't meet the $11,600 required to itemize. Which I have to be honest, is a total bummer. Everybody makes it sound like owning a house is such a great write-off, but... not always.</p> <p>You don't have to itemize to take advantage of student loan interest. </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485615 Mon, 07 Jan 2013 10:59:23 +0000 PurplePumps 485615@https://boards.hellobee.com/ <p>@MrsBrewer: lol. yeah, it's a doubled edge sword. It sucks to have to pay it, but at least we can deduct it. Hopefully the government doesn't do away with the deduction!@ </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485559 Mon, 07 Jan 2013 10:43:39 +0000 MrsBrewer 485559@https://boards.hellobee.com/ <p>@PurplePumps: 20k?? how awesome! I mean, not awesome that you had to pay all that.....but great that it will give you a return this year! :-) </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485556 Mon, 07 Jan 2013 10:43:06 +0000 MrsBrewer 485556@https://boards.hellobee.com/ <p>@Bookworm: Oh yea! Student loan interest! I forgot about that, we just started paying on those this year also.....hmmm maybe itemizing might be possible for us! </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485545 Mon, 07 Jan 2013 10:40:02 +0000 Bookish 485545@https://boards.hellobee.com/ <p>Yeah, I believe ours will be interest + taxes. I'm hoping those + my student loan interest will give us a nice refund this year :) </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485537 Mon, 07 Jan 2013 10:36:05 +0000 PurplePumps 485537@https://boards.hellobee.com/ <p>That's pretty much the bulk of it I believe, the interest and taxes. That was huge since that was over 20k in deductions for us. It was the first time I'd ever got a tax refund instead of owing 2-3k. </p> https://boards.hellobee.com/topic/first-year-as-a-homeowner-taxes#post-485501 Mon, 07 Jan 2013 10:25:17 +0000 MrsBrewer 485501@https://boards.hellobee.com/ <p>The other post about taxes got me thinking, this is our first year as homeowners, and I've heard form everyone in the past that you get sooo much more money back when you own a house because there is so much to write off.</p> <p>Alright, so what is there?? hahahah </p> <p>I know you can write off interest paid on your mortgage, I believe state property taxes, anything else significant that I'm missing? What kind of home improvements can be included?</p> <p>I don't think we will benefit at all just because we have a 15 yr mortgage and only $250/month is going to interest so I don't think it will even add up to more than the standard deduction.</p> <p>Just wanted to open a thread for us to share things we've been able to write off in our personal experiences! </p>