Income Taxes & Refunds

[RoJoHen]

^IIRC, home ownership doesn't work the same over there either. Isn't it some sort of 99 year lease from the monarchy or Parliment or something like that over there? Here, we own the house and land outright at the end of the mortgage.

Depends on the property - most houses are freehold, flats are leasehold but they are generally at least 99 years.

Weird. So does anybody actually own their home?

 

[Starbreaker]

I've always gotten about $750 back. I claim 0 on my taxes and get a lump sum back in April. No kids, no credits...

 

[propita]

We're going to pay off our house in a couple of years (an unexpected inheritance helped us pay it down), so we're losing that deduction when that happens. But the savings on the mortgage interest really outweighed that. A lot.

We're looking towards prepping for retirement, although I really think Husband "needs" to work to keep his mind active. I'm lazy; I don't like to think.

 

[Pingfah]

^IIRC, home ownership doesn't work the same over there either. Isn't it some sort of 99 year lease from the monarchy or Parliment or something like that over there? Here, we own the house and land outright at the end of the mortgage.

Depends on the property - most houses are freehold, flats are leasehold but they are generally at least 99 years.

Weird. So does anybody actually own their home?

Yes, anybody with the Freehold to their property does. I own both my flat and I have a 1/3 share of the land it is built on, the other 2 flat owners in the building own the other 2/3.

Leasehold does not mean you are leasing from parliament or the monarchy, that only applies if the Crown owns the land. Most leaseholders are leasing off a private individual or company who owns the land the apartment block is built on.

 

[CmdrAJD]

I normally do my own and get a bit back. This year will be...interesting. I got divorced last year and have discovered that, even though I have my kids full time, the Head of Household status in no way compensates for no longer having a spouse to declare.

 

[Smellincoffee]

Last year the Feds gave me a few hundred back and the state demanded $20 as a 'consumer use tax' for my online purchases. The latter is theft, but I figure that piddly amount is easier than wondering what will happen if the local revenue office decides to audit me. The USPS photographs every package, so someone somewhere knows I receive an awful lot of used books from amazon! (That's the reason I started using interlibrary loan this year: I pay the same for shipping, but I don't have to store the book and I don't have to pay tribute for it.) I expect more this year before I can claim student loan interest, retirement savings, and my income is, shall we say, par for someone who considers himself an advocate of simple living.

 

[Gryffindorian]

Has anyone received their tax refunds yet? I'm still waiting from Uncle Sam and CA State. I got an e-mail last Friday saying both the IRS and the CA Franchise Tax Board received my e-file tax return submissions.

 

[Kommander]

Has anyone received their tax refunds yet? I'm still waiting from Uncle Sam and CA State. I got an e-mail last Friday saying both the IRS and the CA Franchise Tax Board received my e-file tax return submissions.

I got Fed yesterday, and I got state today.

 

[Mr. Laser Beam]

I filed my taxes last week, and got the acknowledgements yesterday, but haven't received the refunds yet.

 

[RoJoHen]

I really need to get my shit together and file. I have all my information. I'm just lazy.

 

[Kommander]

^The only reason I get mine done early is because I always desperately need the refund; it has nothing to do with not being lazy. Once I'm in a position where I can go without the money for a while, we'll see what happens.

 

[auntiehill]

We don't have state income tax here, so just Federal taxes. Got over $1,200 back.

 

[Gryffindorian]

It looks like I got my State tax refund on February 6, and the Federal just posted in my account today. Oh, joy!