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It's been awhile

September 23rd, 2010 at 08:51 pm

since I've updated my blog.

Lots of things has happened since my last entry. We got stationed to Ft. Carson, CO and bought a house! I got my Associates Degree in Accounting and was working towards my bachelors when a quarter-life crises hit me. I realized that Accounting wasn't really what I wanted, and decided to become a nurse instead. I'm currently starting my prerequisites before entering the nursing program. I was employed with AAFES for about a month and decided to quit since my entire income was going to daycare.

For those of you who are homeowners, what are the advantages of becoming a homeowner? Are we allowed to write-off the interest in our taxes? If so, how does that even work?

Posted in Life | 4 Comments »

4 Responses to “It's been awhile”

  1. creditcardfree Says:
    September 24th, 2010 at 01:41 am 1285292491
    1285292491

    When you file your taxes, which I believe they can do for you on base for free, you will need to file the 1040 and fill out a Schedule A, where you will enter the amount of interest you paid during the past year. Your mortgage company will send you a statement in January or February that will list the total amount of interest you paid. The total on Schedule A is compared to the standard deduction. If the Sch A amount is more it is used to reduce your adjusted gross income. You can go to the IRS website and look at the forms to help you understand what I am referring to.

    I'd love to PSC to Ft Carson, but I don't think there are jobs there for my husband. Darn!

  2. baselle Says:
    September 24th, 2010 at 03:50 am 1285300239
    1285300239

    You have to itemize your deductions to claim it, and it will pay you to figure out what other itemized deductions you qualify for to combine with it, because if your standard deduction is larger, you'll want to take that. You can either do itemized deductions or the standard deduction, not both.

  3. Jerry Says:
    October 1st, 2010 at 08:57 pm 1285966649
    1285966649

    Did you use the VA to get your home loan, I wonder? When we return to the States I would like to do that if it isn't a huge hassle, but I know very little about it. My main experience with the military benefits has been GI Bill and USAA insurance and banking. Anyway, congrats on your move and I hope that it leads to be a great location for your family. Colorado is lovely!
    Jerry

  4. noxqsez Says:
    October 7th, 2010 at 03:27 pm 1286465238
    1286465238

    Jerry, we did get a VA loan. It isn't a hassle, actually. Your realtor, mortgage broker or bank does all the work for you. All you would have to do is show them proof that you're military by providing them a recent LES Smile

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