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by kiskideb on January 31st, 2006

kiskideb

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My husband and I purchased a home in September. Would it be to our advantage to file long form 1040 for this reason, or should we use the short form 1040a?

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  • by Jon Perryman on February 3rd, 2006

    Jon Perryman

    It is a good possibility that you could be better off but there are many things that could play a role. Several things are deductable. E.g. points, costs for the loan, state income tax, local taxes and other things. The best advice is to consult with a tax advisor. It's too late for you but it would have been better to consult with the tax advisor at the beginning of last year. They could have told you how to prepare for filing long form. For instance, they would be able to tell you what you do that is tax deductable and the documentation you needed. I've never filed long form but I believe that taxes that you pay are deductable so you would want to keep payments for your car tags and purchases you make. In fact, it might have been worth it to pay extra points on the loan. Even your 401K plan could help save you money by putting you into a better tax bracket.

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