What happens to your taxes when you buy a home
Making the jump from renting to owning a home can change your life — as well as your tax situation. The tax code includes deductions for mortgage interest and real estate taxes you pay as a homeowner — though both are reduced under the new law. Both are itemized deductions, so you’ll only be able to use them to lower your tax bill if you give up the standard deduction.
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2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.