Bryan W asked:


I’d like to take the auto property tax credit on my return and hopefully let her take the mortgage property tax credit. With the maximum credit allowed at $500 in CT, and us paying a lot more than that in taxes, we want to legally minimize the amount owed.

Ricardo

J Silva asked:


I understand that if the owner lives in a four family house, 25% of the interest is shown as a deduction on Schedule A and 75% is shown as an expense on Schedule E.

However, exactly how does this benefit the owner? Lets assume the owner paid $500 over the course of the year in taxes and paid $100 in mortgage insurance.

Thanks!!

Ralph

rattone11 asked:


I know they were there last year, now I can’t find them. Anybody know what lines they can be entered on? It’s not in any of the instruction booklets.

Arlene

Jason Gluckman asked:




Special bad credit mortgages are available for teachers. Educators have access to some exclusive mortgage products that are not available to other individuals. There are several low-interest mortgages open for teachers with bad credit. These teacher-specific bad credit mortgages have several advantages that ordinary mortgages do not enjoy.

A bad credit mortgage is an affordable way to clear your bad credit. You are very often asked what your credit rate is when you apply for a mortgage or home loan. Your credit worthiness is determined after considering the credit score contained in your credit report. A credit score less than 620 is considered a bad credit. However, many loan providers do not consider bad credit a hindrance in granting you a loan. A teacher with a credit score ranking below 620 can also obtain a mortgage thanks to special bad credit mortgages. There are different mortgages available for teachers with bad credit. Teachers can find a bad credit mortgage broker or lender via the Internet.

Different bad credit mortgage lenders have different requirements. They usually lend money after determining three important factors: they view the credit, check whether the person is capable of repaying the amount, and check the assets and establish the capability to undertake stronger down payment.

Many mortgage lenders are considerate to teachers, as teaching is a safe and sound profession involving little risk. As teaching is a long-term career, a teacher is treated as a low-risk applicant. Some lenders even take the risk of not accepting any deposit from teachers. Also, teachers enjoy many advantages such as low application fees.

Lawrence

sarabmw asked:


I am currently in the process of purchasing a home, The taxes on the property is expensive, is there a way to split half the taxes into the mortatage payment, and then the other half pay when the taxes are due?

Darlene

keith100_adams asked:


i cannot find it anywhere on the form. Would I need to itemize my deductions to do this. The standard deductuion is $5150 and my interest for $2006 was around $2000. I have no other deductions that i could include.

Samuel

jl9185 asked:


Everyone knows that mortgage interest is deductible from income for federal income tax purposes, but is the same true for state income tax? Any websites that clearly state this? Thanks!

Richard

Tanya asked:


We have applied for an FHA mortage, It is currently with the underwriter and everything seems to be going fine. Today he asked for permission to look for copies of tax returns from the IRS. The problem is we haven’t filed in 2 years. I made an appointment to have them done tomorrow, but because they are overdue I have to mail them in manually. My tax person told me she can give me copies to prove they have been filed, Will we be denied our loan?
We have shown proof of income through check stubs, W-2 and a 1099. We just don’t have the taxes filed as of yet. But we will. And can show the underwriter proof of that.

Jacob

h20.sign asked:


I built my house and divorced my wife about the same time, when the construction loan turned to mortage ex wouldn’t sign off const. loan unless she got her half of estimated profit if sold. This was in nov. of 2005 so my lender gave me a 1st and a equity line of credit all signed the same day I used this equity loan to pay her. now is this equity line considered a recourse or non recourse loan. I’m facing a possible short sale with the bank and I’m really worried about tax liabilities

Lorraine

mrsfcsn asked:


We bought a house this year and when we filed with H&R block our refund is $1418. I am not sure if I understand or not but I was thinking we was going to get a bigger refund. The mortage interest was $4062, the the points paid was $1999 and the insurance premiums was $4155 and the real estate taxes was $778 and I also had $1212 interest in student loans. Wouldnt we supposed to get more back?

Alfred