Originally posted by: AndrewR
Originally posted by: EstimateMe
Looks like $500 is the MAX for charitable contributions? Church giving along with stuff given to Goodwill?
I think the rule is anything OVER $500 (ie., first $500 has no benefit, but after that is deductible). Could be wrong -- my mother-in-law is a tax accountant so I don't do my own taxes!
Originally posted by: dmw16
If I could get a decent house for $150k I wouldn't complain about tax breaks. A so-so condo where I live costs almost $300k. But like everyone else said, just itemize. If you have over $5100 in deductions its worth it.
Originally posted by: AnonymouseUser
Itemize already!
Originally posted by: DogFromDuckhunt
They must exceed 7.5% of AGI, and you must deduct your reimbursements from the amount you paid out as well. IE - you Pay $1000 for a prescription and your insurance reimburses you $700, only $300 would be available for the deduction (and even then, you have to exceed the 7.5% hurdle rate). You lump all medical expenses into one large sum (Dental, Eye, etc.)Originally posted by: bctbct
medical costs exceeding a certain percentage of your income is also deductible.
Originally posted by: EagleKeeper
Yes
Originally posted by: Toasthead
where the heck do you find a $150k house???
Originally posted by: 49erinnc
Originally posted by: EagleKeeper
Yes
Forgot to ask:
Does the 7.5% only include what you've actually paid or just what your expenses are? For example, I have several thousand dollars in out-of-pocket medical expenses due from procedures done in 2006. However, I am making monthly payments and will be doing so for many months. Am I only allowed to deduct what I've actually paid thus far or can I deduct what is actually owed?
Sorry for the thread hijack but I'm trying to get my ducks in a row early since I've had so many medical issues this year.
Originally posted by: Toasthead
where the heck do you find a $150k house???
Originally posted by: iamwiz82
Originally posted by: Toasthead
where the heck do you find a $150k house???
Another california-centric mind :roll:
I've always gotten summaries at the end of the year mailed to me. Heck, my online sites show a summary for me if I ever wanted to print it out myself.Originally posted by: Fingolfin269
This will be the first year I have the opportunity to take advantage as well. I made the mistake of not holding on to every house payment notification since I have it set to autopay online. Do mortgage companies typically send out summaries at the end of every tax year? Along the same lines as an employer?
Originally posted by: EstimateMe
Thanks for all of the help guys, doesn't look like the sky is falling after all
I had a few questions after a day of thinking about it.
1. If we filed "married filing seperately," could my wife take the standard $5150 deduction on her part, along with the $3300 personal exemption, while I itemized (can probably come up with $11k to itemize this year) and claimed the $3300 personal exemption as well? In our case this might be the best, since she had a definite smaller income than I did.
So basically: Wife takes standard deduction and exemption
while
I itemize my deductions (~$11k) and personal exemption
I don't even know if this is allowed. Just wondering since even though both of our names are on the deed, mine is "first" and the mortgage rate was determined off of my credit score since I made more money.
2. Is there anyway to take my closing costs, taxes paid, and mortgage interest from this year, and "roll them over" to 2007? In other words since we haven't lived here the whole year, could we take advantage of 18 months of mortgage interest on next years taxes?
If one takes the itemization, the other MUST take the itemizations.Originally posted by: EstimateMe
Thanks for all of the help guys, doesn't look like the sky is falling after all
I had a few questions after a day of thinking about it.
1. If we filed "married filing seperately," could my wife take the standard $5150 deduction on her part, along with the $3300 personal exemption, while I itemized (can probably come up with $11k to itemize this year) and claimed the $3300 personal exemption as well? In our case this might be the best, since she had a definite smaller income than I did.
So basically: Wife takes standard deduction and exemption
while
I itemize my deductions (~$11k) and personal exemption
I don't even know if this is allowed. Just wondering since even though both of our names are on the deed, mine is "first" and the mortgage rate was determined off of my credit score since I made more money.
2. Is there anyway to take my closing costs, taxes paid, and mortgage interest from this year, and "roll them over" to 2007? In other words since we haven't lived here the whole year, could we take advantage of 18 months of mortgage interest on next years taxes?