Question about tax return.

[diabeticman]

Since we bought our house outright and have no mortgage does that mean we will not get any sort of refund?

[Adsos Letter]

1. Strongly suggest you see a pro about tax questions

You don't want to make a mistake with the IRS.

Having said that: there are many factors in determining whether or not you are eligible for a refund, and in what amount.

[diabeticman]

4. ok

[TreasonousBastard]

2. You'll at least get a property tax deduction, but...

best to talk to tax people since things change every year.

[diabeticman]

5. Thanks

[Heddi]

3. Here

let me google that for you

there's this novel department called the Internal Revenue Service. Pretty new, only been around a few years. But I bet that maybe, just maybe, if you go to, oh, i don't know, www.irs.gov and type in "bought house for cash" that you'd find all the answers you needed. I mean, I know you wouldn't get the extreme hand-holding you get here, but it really is worth a try to find things out on your own.

[diabeticman]

6. Well, the last time my mother-in-law went to that sight and even call the IRS about her tax return

when she retired they told her what to do and how to file, she followed instructions to a T and they audit her and she ended up owing $5000.00 dollars.

[Heddi]

7. Well that proves it. the IRS can't be trusted

Anonymous people on the internet can. And they know tax laws for all 50 states!

Free advice is worth *exactly* what you pay for it.

Remember when you get audited to tell the IRS "some guy on a website" told you x, y, and z. That'll hold up in court. WHO NEEDS TAX PROFESSIONALS?

[msanthrope]

9. 3-4leave. nt

[A HERETIC I AM]

8. No. That's not what it means.

You will get a refund if, and only if you have paid more to the IRS during the course of the year than you will owe based on your AGI.

That's it.

But as the others have stated, go see a professional.

[dr.strangelove]

10. Tax refunds are a simple thing

If you paid the government more than you owe for any given tax year, you get a refund. If you owe the government more than you paid them during said tax year, you owe them money. If it works out being even, you neither owe taxes nor get a refund.

As to what your tax liability is, you need to fill out the correct forms and make that determination yourself, or with an accountant or tax professional.

There are many inexpensive ways to do this on your own, with the IRS providing free software for many people and low cost tax software as well.

On your question, I suspect you are asking about being able to deduct home mortgage interest, but it seems you answered that question since there is no mortgage. You may well qualify for many other tax benefits available to homeowners. I would encourage you to seek assistance from a professional. Good luck.