Rabbo Posted July 13, 2017 Report Share Posted July 13, 2017 if my interest and property tax every year on home loan comes up to $ 24,540. tax returns lo 33% return vasthada, int his case it would be $ 8k. Naku ekuva teliyadu home loan gurinchi , so tittukokandi, telusthe cheppandi Quote Link to comment Share on other sites More sharing options...
chingchang Posted July 13, 2017 Report Share Posted July 13, 2017 following Quote Link to comment Share on other sites More sharing options...
Kalam_Youtheman Posted July 13, 2017 Report Share Posted July 13, 2017 20 minutes ago, Rabbo said: if my interest and property tax every year on home loan comes up to $ 24,540. tax returns lo 33% return vasthada, int his case it would be $ 8k. Naku ekuva teliyadu home loan gurinchi , so tittukokandi, telusthe cheppandi google emaina cheppindhaa Quote Link to comment Share on other sites More sharing options...
mindless Posted July 13, 2017 Report Share Posted July 13, 2017 only on interest amount ... not on property tax Tax medha malli tax break aa... Quote Link to comment Share on other sites More sharing options...
mindless Posted July 13, 2017 Report Share Posted July 13, 2017 its not standard 33%... depends on many other things... including your tax bracket. Quote Link to comment Share on other sites More sharing options...
Rabbo Posted July 13, 2017 Author Report Share Posted July 13, 2017 1 hour ago, mindless said: only on interest amount ... not on property tax Tax medha malli tax break aa... property tax meeda no return . are you sure Quote Link to comment Share on other sites More sharing options...
phatposts Posted July 13, 2017 Report Share Posted July 13, 2017 Property tax deductible or not depends on the state. For the most part it is, YES. But you cannot sat 33% flat. When filing taxes, you add all your incomes and deduct all eligible items from the AGI (Annual Gross Income). AGI includes family income (spouse income), profits from investments (stocks, etfs, bank interest etc). Final gaa Net = AGI - deductions (IRA, loan interest, eligible property tax etc) will be calculated as your taxable income. Based on final Net, your tax will be calculated. Now they see how much have you (entire family) paid in Federal + State. If you paid more, you will get back. If you paid less, you have to pay back. Quote Link to comment Share on other sites More sharing options...
Rabbo Posted July 13, 2017 Author Report Share Posted July 13, 2017 5 minutes ago, phatposts said: Property tax deductible or not depends on the state. For the most part it is, YES. But you cannot sat 33% flat. When filing taxes, you add all your incomes and deduct all eligible items from the AGI (Annual Gross Income). AGI includes family income (spouse income), profits from investments (stocks, etfs, bank interest etc). Final gaa Net = AGI - deductions (IRA, loan interest, eligible property tax etc) will be calculated as your taxable income. Based on final Net, your tax will be calculated. Now they see how much have you (entire family) paid in Federal + State. If you paid more, you will get back. If you paid less, you have to pay back. Thanks man , i came up with 33% as 33% is deducted from pay check Quote Link to comment Share on other sites More sharing options...
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