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Old 01-05-2006, 11:21 AM
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Join Date: Jan 2006
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Interest on house

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
  #2  
Old 01-05-2006, 11:24 AM
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Join Date: May 2004
Posts: 41,400
Quote:
Originally Posted by jmhac
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
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.
  #3  
Old 01-05-2006, 07:44 PM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
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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