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Mom Confessions Mom Confessions

Since we're on the topic of tax returns....

Anonymous
Posted by Anonymous
  • 13 Replies

Last year we got a return of just over $2000. We bought our home Jan. 3rd 2012. Everyone keeps telling us that we'll be getting a huge return now. How?! I thought the interest was just a deduction. Are there credits that I am unaware of????

Posted by Anonymous on Nov. 15, 2012 at 8:53 PM
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Replies (1-10):
Anonymous
by Anonymous - Original Poster on Nov. 15, 2012 at 8:55 PM

Bump

singlemom1208
by on Nov. 15, 2012 at 8:55 PM
Idk. Bunp
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UgtaBkdnMe
by on Nov. 15, 2012 at 8:55 PM

It helps a tad, I wouldn't call it huge.

babiegurl47
by on Nov. 15, 2012 at 8:56 PM
Not sure but my friend bought a home 3 yrs ago and got 8k for it on her taxes.
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Anonymous
by Anonymous - Original Poster on Nov. 15, 2012 at 8:58 PM


Quoting UgtaBkdnMe:

It helps a tad, I wouldn't call it huge.


Do you know what exactly helps? Are there credits available? Or is it the interest eating eating up more of your obligation?

thefiregoddess
by Ruby Member on Nov. 15, 2012 at 8:58 PM

Dunno, I believe the mortgage tax thing ended this year or ends next year.


Dunno though since I havent had to file since 2011

Anonymous
by Anonymous - Original Poster on Nov. 15, 2012 at 8:59 PM


Quoting babiegurl47:

Not sure but my friend bought a home 3 yrs ago and got 8k for it on her taxes.

But a few years ago they had the 8k new homebuyer credit. That is no longer valid.

brittany208
by on Nov. 15, 2012 at 9:00 PM

There was a first time homebuyer credit a couple years ago. You got back 10% of your purchase price, up to a certain amount. But I think it ended before you bought your home. We did it, and yeah, we got a huge tax return that year! But otherwise... no... no huge credits that I know of. Just deductions for interest and taxes I think?

Anonymous
by Anonymous 2 on Nov. 15, 2012 at 9:00 PM
How it helps, no clue but it's helped us twice.
babiegurl47
by on Nov. 15, 2012 at 9:00 PM
Ohh. I don't know anything about it. We still don't own a home.

Quoting Anonymous:



Quoting babiegurl47:

Not sure but my friend bought a home 3 yrs ago and got 8k for it on her taxes.

But a few years ago they had the 8k new homebuyer credit. That is no longer valid.

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