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Forum
-> Household Management
-> Finances
westchestermom
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 Sun, Nov 10 2019, 6:57 am
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I've always done our taxes myself - I have an MBA and took basic accounting classes during business school, our taxes are not complicated. Just 1040, and some years various credits/deductions when I was in nursing school. We bought a house this year, our school and property taxes were about $8,000. Depending on how much interest we paid for about 6 months I'm not sure if we need to itemize yet. Is it terribly difficult to do the taxes now that we have a house? I usually use basic software and research any questions I have while reading up on that year's changes.
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amother
Orange
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Sun, Nov 10 2019, 7:42 am
If your Itemized deductions are > than the Standard deduction of $24,000 (MFJ) then it’s beneficial for you to itemize.
How much was your RE taxes and mortgage interest in 2019?
The deductible amount is capped at $10,000.
Any charitable donations?
Out of pocket medical expenses?
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westchestermom
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Sun, Nov 10 2019, 8:07 am
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Taxes and interest would not get me anywhere near 24 thousand, it was 8000 in taxes and I'm not sure about the interest. I'd guess 5000? With copays we spent about 1500 on medical expenses. I don't think we could itemize unless it was very creative.
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leah233
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Sun, Nov 10 2019, 8:41 am
| westchestermom wrote: | | Taxes and interest would not get me anywhere near 24 thousand, it was 8000 in taxes and I'm not sure about the interest. I'd guess 5000? With copays we spent about 1500 on medical expenses. I don't think we could itemize unless it was very creative. |
You also have to include Tzedoka into the calculation.
Even if it doesn't add up to $24,000 and you aren't itemizing, make sure to put the amounts you spent on real estate taxes and medical expenses into your software anyway becuase they frequently lower your state taxes.
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Tziril Miriam
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Sun, Nov 17 2019, 3:21 pm
Wait, you are missing something!
You can deduct up to $10,000 of state and municipal taxes. That's property taxes, school taxes, auto excise taxes in some states, AND THE AMOUNT YOU WITHHOLD ON YOUR PAYSTUBS FOR STATE AND LOCAL TAXES.
So if your state and local tax rate is 8%, and your DH earns $50,000, you probably have about $4,000 in state and municipal taxes withheld. With your property taxes and school taxes, you'll be able to deduct a maximum $10,000.
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