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    ellabellablue's Avatar
    ellabellablue Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 12, 2009, 01:32 PM
    Bought first home last August
    And am wondering if I should do my taxes myself through turbotax or if I should pay to get them done? Also, if I do them myself, should I just claim the standard single deduction or itemize? I had an FHA loan and am wondering if I can claim the Private Mortgage Insurance? And also, are the land taxes held in escrow consideried real estate taxes that I can claim? And I am assuming that I can only claim half of any amount for the home since the house is split 50/50 between someone else and myself. Any help will be appreciated!
    Thanks!
    Melissa
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 3, 2009, 02:59 PM
    Melissa:

    Off-hand, I believe it would be best if you got professional tax help.

    To answer your questions:

    1) You itemize if the total of your itemized deductions EXCEEDS your $5,450 standard deduction,

    2) Yes, you CAN deduct PMI IF the PMI was issued in 2007 or later.

    3) Yes, the escrowed land taxes CAN be deducted as real estate taxes if they are credited to that purpose and are NOT otherwise claimed on Form 1098.

    4) Yes, split it 50-50.
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