I have always used a free version of TurboTax that I receive based on a relationship that I have with a particular financial institution. I have always taken the standard deduction. I have a decent sized investment portfolio and until recently I was not a home owner. I liked doing my taxes myself, in part because the bill was $0 (TT offers 1 free fed filing, and I would paper file state myself for free), but also because I felt like I was more knowledgeable of the issues involved because I worked on the return myself.
Well, this year I became a homeowner. This is the first year that it makes sense for me to itemize my deductions. Now I know that in regard to my home, property taxes and mortgage interest is deductible. However, I understand that some costs associated with obtaining the mortgage are deductible too (like points). I looked at the HUD-1 form provided by the mortgage lender that provides the mortgage fee information and I am kind of overwhelmed. I am not sure which of the many items listed on the HUD-1 form are deductible.
Here is my quandary. I have found that 90 percent of the work involved in preparing tax filings is getting all of the documentation and facts together. Actually filling out the tax return has not been too bad. However, since I am now a homeowner, and I have this new mortgage, should I have an accountant file my returns? If so, I don't want to go to an HandR Block type of place, so how do I find a low cost qualified accountant/tax preparer?
Thank you.
Well, this year I became a homeowner. This is the first year that it makes sense for me to itemize my deductions. Now I know that in regard to my home, property taxes and mortgage interest is deductible. However, I understand that some costs associated with obtaining the mortgage are deductible too (like points). I looked at the HUD-1 form provided by the mortgage lender that provides the mortgage fee information and I am kind of overwhelmed. I am not sure which of the many items listed on the HUD-1 form are deductible.
Here is my quandary. I have found that 90 percent of the work involved in preparing tax filings is getting all of the documentation and facts together. Actually filling out the tax return has not been too bad. However, since I am now a homeowner, and I have this new mortgage, should I have an accountant file my returns? If so, I don't want to go to an HandR Block type of place, so how do I find a low cost qualified accountant/tax preparer?
Thank you.