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Interest on house

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J

jmhac

Junior Member
What is the name of your state? Washington

I am a senior citizen and have just bought a house. I am partially disabled
and receive a disability from VA. I have a total of 4 dependants and pay a low or no tax. My question pertains to interest on my house. Is this deductible and if so how when I pay little or no tax. I'm paying about $ 8-9000.00 a year in interest. Am I SOL because I am retired and pay little or no tax??? Any help appreciated...Thanks :)
 


LdiJ

LdiJ

Senior Member
jmhac said:
What is the name of your state? Washington

I am a senior citizen and have just bought a house. I am partially disabled
and receive a disability from VA. I have a total of 4 dependants and pay a low or no tax. My question pertains to interest on my house. Is this deductible and if so how when I pay little or no tax. I'm paying about $ 8-9000.00 a year in interest. Am I SOL because I am retired and pay little or no tax??? Any help appreciated...Thanks :)
Click to expand...
You may be. If you don't have enough income to make itemizing worth while, then you may have no benefit for a mortgage interest deduction.
 
A

abezon

Senior Member
If you paid $9000 interest, you'll have enough to itemize, once you add property taxes & state sales tax & any other deductions. This may be enough to get you to paying no tax. Once your taxable income is $0, you don't benefit from more deductions. Generally.
 
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