I purchased a condo this year. Do I get a refund or credit for Escrow payment ?? Also I purchased a car (paid off) Can I get credit in any way for that purchase ! Thanks
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motherford
New Member

I purchased a condo this year. Do I get a refund or credit for Escrow payment ?? Also I purchased a car (paid off) Can I get credit in any way for that purchase ! Thanks

 
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DS30
New Member

I purchased a condo this year. Do I get a refund or credit for Escrow payment ?? Also I purchased a car (paid off) Can I get credit in any way for that purchase ! Thanks

For the Condo: 

Unfortunately, when you buy a home, you don't get anything just for buying your home (There is no first time home buyers credit for 2015. That credit expired and it was not extended by congress). However, you are able to include certain items related to your home on your tax return. If you itemize, you get to take such things as:

  • the interest that you pay on your mortgage
  • real estate taxes
  • mortgage Insurance

to name just a few.

To enter your Property Taxes in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions & Credits” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Property Taxes and follow the onscreen instructions

 You will enter this information into TurboTax under the deductions and credit section > your home and TurboTax will find all the deductions that are available to you.

For the new car purchase:

You have 2 deductible fees - sales tax and your car registration.. They could both be listed on your new car purchase invoice or you may need to contact your state's Department of Motor Vehicles for a breakdown of your car registration fee information.

Car Registration Fees - the total amount of your registration fee is not deductible, just the portion that the state charged you for taxes based on the value of your vehicle.

To enter your car registration fees in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions & Credits” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Cars and other things I own”
  5. Choose "show more", then car registration fees and follow the onscreen instructions

Sales Tax Deduction - You have the choice to deduct the general sales tax for your state or the sales tax for all your major purchases. TurboTax will guide you in determining which of these provides you will the larger deduction.

To enter your sales taxes in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions & Credits” ("Personal Income" in TurboTax Home & Business)
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Estimates and Other Taxes Paid ”
  5. Choose "show more", then Sales Tax (start/update/revisit)
  6. Choose - continue to sales tax and have the program guide you (this will help the TurboTax program determine if taking a general sales tax or individual sales tax is better for your situation (screenshot)

Please note that you will only be able to take this deduction if you itemize on your return. The TurboTax program will give you the greater of the standard deduction or the itemized deduction based on your particular situation:

For 2015, the standard deduction starts at

$6,300 for Single,

$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child,

$9,250 for Head of Household,

$6,300 for Married Filing Separately

For over 65 and/or blind, add $1,250 for each instance (or add $1,550 each instance if single and not a surviving spouse).

So if all your itemized deductions are below the standard deduction, TurboTax will still take the larger standard deduction on your tax return. Thus no change in your refund amount.


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