Foreclosures Taxes
Foreclosures Taxes
Foreclosures and tax refunds?
My husband and I live in California. We had our house foreclosed on in November and is now with the lender. Normally receive a tax refund each year, but with the foreclosure I wonder if that will happen or not. Does anyone know what are the chances of us receiving a refund? We are planning to have a qualified accountant or someone to help us prepare our taxes this year but I was just curiosity. Also, does the period of January 31 which applies to employers also apply to lenders to get our 1099 mailed to us? Any information will be greatly appreciated.
Your refund all depends on how much mortgage interest and property taxes you paid in 2007. If you paid an amount combination of more than the standard deduction of $ 10,700, then I would itemize deductions on Schedule A. If not, then you really do not even bother itemizing, you and your husband just take the standard deduction. Your refund then depends on how much money was withheld from your W2 for the year. Up soon!
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