I was going over our numbers for our taxes tonight, and I completely forgot that this is the year we have to start paying back the $7500 first time home buyer's tax 'credit' DH and I got when we bought our house. Basically, $500 gets added to our tax liability every year for 15 years. If we had bought 6 months later, we would have been eligible for the $8000 tax credit that didn't have to be repaid. Oh well. What's done is done, but I can't believe I completely forgot about it.
Without considering the $500, we'll owe around $100 on our federal taxes and get back around $300-$400 on our state. That puts us $200 to $300 to the positive, so considering the $500, we'll need to pay $200-$300. That's not too terrible, but I like for everything to come out as even as possible. I'll need to go back and make sure I'm not missing any deductions of course once I have all of our tax documents, but it's nice to know ahead of time what to expect come tax time.
Maybe brett will come on the 31st ;)
ReplyDeleteHehe, I like the way you think!
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