new HomeOwners this year -Tax Filing info

[spicyfish]

kottaga illu konna vallu this year , taxfiling lo itemized deductions cheyyala?

Interest can be deducted ani heard, how much of it can be deducted?

My friend has a purchase price more than appraisal amount  and the property value is same now (not expecting to change just mentioning) since the time he bought this year. 

Question : Idi depreciation ano inka emaina ani tax filing lo vadukovacha?

new Home buyers taxfiling tips emaina unte chappandi brothers

TIA

[vanga]

8 minutes ago, spicyfish said:

kottaga illu konna vallu this year , taxfiling lo itemized deductions cheyyala?

Interest can be deducted ani heard, how much of it can be deducted?

My friend has a purchase price more than appraisal amount  and the property value is same now (not expecting to change just mentioning) since the time he bought this year. 

Question : Idi depreciation ano inka emaina ani tax filing lo vadukovacha?

new Home buyers taxfiling tips emaina unte chappandi brothers

TIA

https://www.instagram.com/reel/C0_rXOPpCgl/?igshid=N2ViNmM2MDRjNw==
enjoy all information here 

[spicyfish]

18 minutes ago, vanga said:

https://www.instagram.com/reel/C0_rXOPpCgl/?igshid=N2ViNmM2MDRjNw==
enjoy all information here 

please dont spam. Genuine question and guidance needed brother so please dont spam

[Vaaaampire]

Appraisal is not considered in tax fillings.

as far as i know depreciation works for investment properties only. Not 100% sure.

 

[manadonga]

Ask you cpa?

[sarvayogi]

thats all complicated . just find a CPA or blindly go to turbo tax and upload all docs

vaade chustkuntadu

[Genuine11]

primary home ki interest paid and property tax (depends on state) will be tax deductible until it reaches bracket

[Hitman]

Question no 1- Do you file itemized or standard deduction?

 

[Spartan]

asuntivi em undav amma

unless u make real money...

appriciation or deprecation work avvadu 

interest will be desicted only for interest upto 700k loan adi will be less than couples standard deduction of 23k or so

[vanga]

7 hours ago, spicyfish said:

please dont spam. Genuine question and guidance needed brother so please dont spam

https://www.instagram.com/reel/C0G_eXfpn-E/?igsh=aTlka204ZGFvMXN6
 

@DallasKarreBalu @Aquawomen

[HugoStrange]

10 hours ago, spicyfish said:

kottaga illu konna vallu this year , taxfiling lo itemized deductions cheyyala?

Interest can be deducted ani heard, how much of it can be deducted?

My friend has a purchase price more than appraisal amount  and the property value is same now (not expecting to change just mentioning) since the time he bought this year. 

Question : Idi depreciation ano inka emaina ani tax filing lo vadukovacha?

new Home buyers taxfiling tips emaina unte chappandi brothers

TIA

interest and property taxes will be deducted, but interest max of 10k come under tax deductions. Go with a CPA and file itemized. Its worth it

[spicyfish]

7 hours ago, Hitman said:

Question no 1- Do you file itemized or standard deduction?

 

Standard

[spicyfish]

7 hours ago, Spartan said:

asuntivi em undav amma

unless u make real money...

appriciation or deprecation work avvadu 

interest will be desicted only for interest upto 700k loan adi will be less than couples standard deduction of 23k or so

👍 

[chingchang]

10 hours ago, spicyfish said:

kottaga illu konna vallu this year , taxfiling lo itemized deductions cheyyala?

Interest can be deducted ani heard, how much of it can be deducted?

My friend has a purchase price more than appraisal amount  and the property value is same now (not expecting to change just mentioning) since the time he bought this year. 

Question : Idi depreciation ano inka emaina ani tax filing lo vadukovacha?

new Home buyers taxfiling tips emaina unte chappandi brothers

TIA

You cannot claim depreciation on a primary property .. Rental itey you can claim depreciation 3% every year .. Itemize cheyali antey 25K anukunta limit for married filing jointly .. if he bought this year with high interest rate and if that crosees 25k, i think he can itemize it.. im not 100% sure though. check with good CPA on it .. 

[Hitman]

34 minutes ago, spicyfish said:

Standard

Now you list all your to be deductions including real estate taxes and interest- see if it comes beyond your standard deduction or not