Re: Taxes

"Ron" <[EMAIL PROTECTED]> wrote in message
news:[EMAIL PROTECTED]
>
> Hi there,
>
> I'm a newbie with a possibly stupid question. My wife and I are
> closing on our first home this month. Can you give me an idea how
> much more complicated our taxes will be because of this, come
> April? I'm sure it depends on the specific situation, but ballpark,
> how big a tax headache is buying a house? I've used an online tax
> service to file for the past two years (Taxbrain) and am really
> hoping I can keep using it. I'd hate to have to start paying a pro.
>
> TIA for your guidance.
>
> Ron

you might be starting to itemize. you don't get anything special because you
now have a house except a few more deductions. if they add up to more than
the standard deduction, you start filling out an additional form. typically,
you can then start adding in more of your deductions that were sucked up by
the standard deduction (real estate taxes, personal property taxes, etc).

since you're only paying mortgage interest payments for at most 2 months,
chances are that it won't affect this year's tax filing at all, but you'll
have to worry about it next year.

regards,
charlie
cave creek, az