How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55319
Experience:  29 years of experience as a tax, real estate, and business attorney.
17027240
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

i am new home owner.. what are the forms that i suppose to

Resolved Question:

i am new home owner.. what are the forms that i suppose to expect in mail to file my home taxes? what IRS form should i use to do it?


please advice!
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good evening. If you are not escrowing the taxes with your mortgage company..in which case they will pay the property taxes...then you will get a property tax bill from your county. You will pay this and then you can deduct this on Schedule A of your Form 1040 federal tax return. You will want to make sure you have claimed the homestead exemption with your county because that will reduce the amount of your property taxes.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 6 years ago.

do the homestead exemption is also available in schedule A?

Expert:  Richard replied 6 years ago.

No...the homestead has nothing to do with your federal tax return. It's a separate form you will file with your local county's appraisal district.

Customer: replied 6 years ago.
Does the county appraisal district notify IRS about my claim? or do they provide me any type of form that i can use to reduce my my property taxes?
Expert:  Richard replied 6 years ago.
No..they are totally separate. The amount of your property tax is totally determined by the county and their appraisal district. You then pay the county and then whatever amount you pay, you get to deduct on your federal tax return.
Customer: replied 6 years ago.
should i claim my homestead exemption every year before file my federal taxes? should I do it a few weeks before file taxes? how long does the claim take?
Expert:  Richard replied 6 years ago.
You will claim your homestead exemption annually...though once you claim it, it stays in effect unless you change it.
Customer: replied 6 years ago.
thank you for you concise responds...
Expert:  Richard replied 6 years ago.

My pleasure. You take care....congratulations on being a new homeowner!

 

I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

Richard and other Tax Specialists are ready to help you