Hearing a lot about the “Smith” maneuver. Just wondering what the downfalls are and the risks. This pertains only to Canadians. Investment Firm answers are welcome, but I do need to hear the downsides in order to better understand the upsides. Would love to kill my mortgage faster, especially since I just worked out that I will be paying over $24K in interest this year!
I closed on my house on 3/28/08 but didn’t move in 5/01/08 to do home repair On the 1040x i put 5/01/08
I was told that we could claim the intrest we pay to our mortgage company & that we’d get most or maybe even all of it back on our 2007 return. My husband & I are young & just bought our house last August. We have a very high intrest rate & by the time we pay Decembers mortgage payment we will have paid nearly $9,000 in intrest (is that alot?) I’m not sure what info anyone would need to be able to tell me if we’d get back any of the intrest paid so here’s some of the info I know about last years return…
I think we do long form ~ We have 1 child together & he has 3 from another relationship, & I have a son from another relationship as well ~ We make around $40,000 a year.
Will I have to pay it back since I did it before the legislation was passed?
Married filing separately. His income is higher, so can he claim mortgage interest paid instead of me if it’s under my name, since we are married?
Assuming you moved because your job moved you, can you claim the penalty fee paid to the bank for ending your mortgage as a moving expense on your income tax return. If you can claim it, how much can you expect to get back?
(while working in the USA, we are paying mortgage payments in Canada)
I’m confused with the 3 year no-ownership prior. Thanks!
My fiance and I just bought a home. We are both on the loan. i am trying to amend and get the tax credit of 8000. I file my taxes using turbo tax. i went to try to amend but and turbo tax asked the question do I own 100% of the home or a percentage of the home. Im confused and dont know what to put. Since we are both on the loan using both of our income. What do I put?? Please help me thanks
I havent closed on a house but I heard you can claim the credit on a new house purchase before July 1. I am using H&R Block Tax Cut and it asks me for a purchase date and value, etc.
I thought you could claim the credit early?? I take it I misunderstood everything?
I am paying my sister-in-law monthly payments plus interest for my home. I have never owned a home before. Can I claim the tax credit?
She purchased it from a third party.
My wife and I just bought a house…My name is also on my parents title and mortgage loan, but I didn’t make any payments to their mortgage…I used to claim it in the past few years until 2007, but this year I have my own house…Can I still claim their mortgage along with my mortgage on my tax return ?
I had a mobile home that cost about $5000 in a trailer park which I still had to pay rent on. Since it wasn’t really a homestead, can I still claim the tax credit when I purchase an actual home? I hadn’t taken a mortgage or anything out for the trailer.
LOL ABSOLUTELY NOT!!! That is called tax fraud. Why do you think that you can claim a tax credit for something that you do not qualify for???? While you are at it, why don’t you claim to have 10 kids to get a bigger refund as well? Are you joking??!!
Which line on the 1040A is the First Time Home Buyer Tax Credit located? I know that I need to file Form 5405 with the 1040, but I wanted to know if it was possible to file Form 5405 with the 1040A.
