Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-01-2009, 09:17 AM
Junior Member
 
Join Date: Sep 2009
Posts: 2
Buying a new house, need some help.

My fiancee and I are buying a new house in a month and had some questions about deductions when we file in April. Here is the setup:

* Getting Married in June
* Filing tax returns separately
* I own a house currently, she's not on the loan or the deed
* Renting out my current house
* Buying a new house together where I'm the co-signer, she's primary
* I've been paying most of the cost to close and the down payment
* I make more than she does


Questions:

1. I'm 99% sure we qualify for the $8000 credit, but please tell me if I'm off
2. Do we both deduct half of the interest, taxes, closing on the new house?
3. Can I deduct interest on the mortgage on my rental and/or depreciation?
4. Does it make sense that I pay for all the costs on the new house? Does she have to be paying to write the new house deductions?



Thanks in advance for the help. I hope this post helps someone else in the same position I'm in.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 09-09-2009, 12:47 AM
Junior Member
 
Join Date: Sep 2009
Posts: 2
Anyone have any comments/advice?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
When is it generally appropriate to consider buying a whole life policy? vanngo Life Insurance 2 05-19-2011 04:49 AM
IRS offers huge Tax Breaks in 2008 for buying an SUV whose weight exceeds 6,000lbs! TaxGuru For 2008 1 12-22-2008 11:06 PM
Buying A Home glifetime Homeowner Tax 1 08-19-2008 10:06 PM
Is it worth buying Annuities in my Retirement Account? Daso Investment Strategy 6 01-12-2008 11:28 AM
If I Use My 401k For A Down Payment On A House And I Sell The House Within 4 Months ? anunez IRA/Sep 1 06-03-2007 02:34 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.