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I was wondering if you have a checklist of things you claim in your income taxes, especially if you are homeowner. I want to be prepared this time because last year some H&R Block people questioned me about some numbers I was giving them. Please tell things you claim.

A taxes question.

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skymcr

Asked by skymcr at 12:59 AM on Feb. 15, 2009 in Money & Work

Level 5 (67 Credits)
Answers (4)
  • for our home we claim our interest paid during the year, our property taxes and our home owners insurance, but i know that you can also claim your points if your paying on any and mortgage insurance. I am not sure what else this is my first year claiming.

    this link has lots of info about it http://www.irs.gov/publications/p530/index.html its a whole publication just on home writeoffs
    3_ring_circus_

    Answer by 3_ring_circus_ at 1:52 AM on Feb. 15, 2009

  • Here's what our CPA puts into our Schedule A:

    Mortgage interest....you'll get a statement of that.

    Points on home loans if you refinance....you'll also get a statement of that.

    If you have re-fi'd, you can only claim mortgage interest on up to $100K above the original purchase price. Example: If you paid $100K for your home, then saw the value balloon to $400K during the real estate boom and took out an additional $200K in a home equity loan, you can only deduct interest on a total of $200K. (That went into effect a couple of years ago.)

    Property taxes paid....keep in mind that ASSESSMENTS don't count. So if you have special assessments for utilities or city services, you cannot deduct those. Just whatever the percentage on assessed value of your home. (1% for us.)

    Hope this helps!
    gdiamante

    Answer by gdiamante at 1:53 AM on Feb. 15, 2009

  • You cannot use your home insurance. Prob. what the first poster meant was PMI, which is Private mortgage insurance which is NOT regular home insurance coverage.

    Block was asking you all the questions to see if its more beneficial to itemize rather than using your standard deduction of MFJ. On this form you would also claim your medical insurance prem., but not if they are pre-tax; co-pays to doc's, labs, hosp., etc.; sales tax OR state income tax; monies given to charities (church, school, scouts, goodwill, cancer, etc.) including any miles for volunteering for non-profits; expenses for work that the employer did not reimburse. All of these do have a threshold amount tho. Block will advise you on these. :) You can ask more questions her on cafemom at Filing Your Own Taxes group.
    lifeasinoit

    Answer by lifeasinoit at 9:38 AM on Feb. 15, 2009

  • I've been doing income taxes for the past 4 years for jackson hewitt so I think I can answer this question well. Mortgage interest and property taxes (real estate taxes) from the bank can be deducted as well as points paid to secure a loan. You can deduct homeowners insurance premiums if they were for a mortgage created after 2007. This is for first time home buyers. There are other things that can be deducted you paid, but this is it for a homeowner. Of course there is your state taxes as well as any money you paid to a church or charity and any noncash items donated. If the value is over $250 you have to have a record of it for the IRS. To do the miles you need to have kept track of the miles driven to do the charity/volunteering. Then there is also employee expenses like union dues, cell phone for work, vehicle used for work. Oh one thing about using a vehicle for work is that it can't be just for commuting.
    BethMcCree

    Answer by BethMcCree at 2:42 PM on Feb. 15, 2009

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