Did my taxes.

[TheOriginalJames]

... and I was 2 bucks short on federal to getting a whole shitload more money back. How fucking fucked up is that bullshit?

Did you know that renting is more of a deduction than owning your own house for 11 months is? I rented for 6 months in 06, and 2 months in 07 and it helped more than the 2+ grand I put into interest on the house for 11 months.

Fuck the Fucking IRS. Fucking thieves.

 

[Tim]

There aren't any deductions associated with renting... not that I have ever heard of...

And if you are only off by two bucks putting you into a lower tax bracket, you might look into a cpa that can do creative tax returns...

Did you do them by yourself, or did you have someone do them for you?

 

[TheOriginalJames]

You'll get more back in your bracket with however much you pay in rent. It's BS because I paid a certain amount in mortgage and property taxes, which was WAY more than rent was for a year, and the rent for a year helped me out more than paying insane taxes did.

Thats some really fucked up bullshit, IMO. I could make up a rent amount, but I have taxes in writing. The IRS basically penalized me for buying a house this year because I bought it just one month too late to hit the cut off by two dollars.

I had H&R block do it, again.

 

[Tim]

I want to see if I have this right....

the amount of rent you pay has an effect of what you will get back?


I'm pretty sure on this... but I have been know to be wrong before.
Rent has zero to do with your federal income taxes. If you pay $100 a month or $10,000 a month, you will get the same back in taxes. Rent is not deductible from your federal income taxes, this is why it's more attractive to own.
Now if you own a home. You can deduct all the interest and property taxes, lowering your base income. So if you make $60,000 a year and the interest you paid towards your mortgage was $8,000 and the property taxes were $1,000, then you will be taxed as though you only made $51,000... that should mean a much bigger refund...
But if you were a renter, then you would still be paying taxes on the entire $60,000 with zero savings...

:dunno I never heard of a deduction for renting.

 

[TheOriginalJames]

Me either, I couldn't itemize because I was like 8 bucks short on the taxes, so non itemized I was 2 bucks short on my interest payments from getting anything without having to pay for it next year.

 

[redsMULLT1]

Damn i wish you could deduct for rent.

 

[Dana]

that blows

 

[sakurashp]

i'm a w2 form retard so my ex-bestfriend told me that i'm supposed to put "2" to get more $ back, all along i've been putting "0" or "1". she's pretty smart....and she was my bestfriend at the time so i trusted her.....and now i owe $893 to federal and $612 to state, what an F'in biatch! i hate her! o, in case you're wondering, this is not the reason she's my ex-bestfriend, i really hate her!

 

[TheOriginalJames]

When you claim 1 or 2, those are your dependants. They'll take less out of your checks... which when you get your taxes done, as you found out, you'll owe or get a lot less back.

Claim 0 if you don't have any kids or couch potatos living in your house without a job.

 

[04ShakinSteed]

... and I was 2 bucks short on federal to getting a whole shitload more money back. How fucking fucked up is that bullshit?

Did you know that renting is more of a deduction than owning your own house for 11 months is? I rented for 6 months in 06, and 2 months in 07 and it helped more than the 2+ grand I put into interest on the house for 11 months.

Fuck the Fucking IRS. Fucking thieves.

I agree with the above quote James but I have to disagree with the renting vs. owning comment.

I NEVER got any deductions when we rented....being in my house now since we built it in 1999, we've had numerous deductions EVERY YEAR. You can deduct alot owning your own home.

Also the child credits help....we now have three and it helps a little.

 

[thrawn]

When you claim 1 or 2, those are your dependants. They'll take less out of your checks... which when you get your taxes done, as you found out, you'll owe or get a lot less back.

Claim 0 if you don't have any kids or couch potatos living in your house without a job.

claim more if you dont want to give the government a free loan

 

[redsMULLT1]

I always claim 0 and have extra taken out.

 

[ssl]

*tries with more effort than to move the mountain into the valley in attempting to determine a legitimate care*







































*fails*