TurboTax, I show $5950 standard deduction in my 2008 return. Do I have

N

no_cash_no_buy

New member
to pay it back to IRS in future?Thanks.? Bought 2 homes in Georgia in 2008, paid property taxes of around $5000. At TurboTax I show $5950 standard deduction in my 2008 return. Do I have to pay it back to IRS in future if I take the standard deduction?
Thanks.
 
J

Jss

New member
For signal status, the standard deduction is $5,450 (if you do not itemize) and exemption deduction is $3,500, which means your income up to $8,950 is not taxable. For paying property taxes, you got extra standard deduction of $500.

Read http://taxipay.blogspot.com/2008/04/list-of-articles.html
 
B

BobF

Member
If you pay that much in property tax, I can't imagine why you are not itemizing your deductions instead of taking the standard deduction.

Regardless, you never have to pay back a standard or an itemized deduction. It is a choice of deductions that we all get to take every year and never have to pay back.
 
M

misslabeled

New member
No, that is the standard deduction that the IRS allows as the amount the average person needs to feed and clothe themselves. The one you have to pay back is the first time home buyers credit, is if applies to you. That is spread out over the next 15 years or when you sell the house. I'm surprised you only qualify for the standard deduction rather than a larger itemized amount from owning property.
 
M

misslabeled

New member
No, that is the standard deduction that the IRS allows as the amount the average person needs to feed and clothe themselves. The one you have to pay back is the first time home buyers credit, is if applies to you. That is spread out over the next 15 years or when you sell the house. I'm surprised you only qualify for the standard deduction rather than a larger itemized amount from owning property.
 
Top