what do you get a better income tax refund with a child or a house?
we live in new york state and my husband says owning a house will get you a better tax break.i say a child and claiming head of household will give more of a tax break.we both make together around 150k a yr.the house we would buy would be around 300k with 20% down.now before i get any anger answers we do not plan on having a child just for tax reasons we are not planning to have any.this is just a argument my husband and i had and i think i'm right and he thinks hes right.
Public Comments
- Both arw write offs
- we just did our tax return, for a child you get a $1000 credit and for your house only the points you pay at closing and the tax you pay count towards your taxreturn. so i don't know about property tax in new york state, but ours wasn't enough to help. so we were better off with the child credit, but like i said, i don't know about new york state.
- Work it out on paper and settle the argument. Sit down and do the itemized and then the standard deductions and see. Until you plug some numbers in there no one will know.
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