Friday, January 31, 2014

Mortgage and taxes

I plan to prepare and file my taxes on Monday.  I should receive my W-2 on Friday when I receive my paycheck.  I already have received the tax documents from my mortgage company and my student loan companies.  I believe I have everything I need in hand in order to prepare my taxes.  This will be an interesting year because this is the first time that I will file my taxes and be able to claim the mortgage interest deduction, etc.  I purchased my home last May and I made the first mortgage payment in July of 2013.  I have done a little research online to determine what deductions I will be able to take as a result of purchasing a home.  I also did a few of the free online tax return estimators.  It appears that at most I will receive about $100 back.  I ran the calculations out for future years and it appears that in 2015 I will receive approximately $1,200 back if nothing changes.

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