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Natalie
Sep 27, 2005 - 4:41PM
Maryland RN first time home buyer

My question is I am purchasing my first home in November on my own. I am an RN in Maryland making in the 50,000 range. I begin my job Oct 1, and settle Nov 10. So the previous tax year I was a student and income was 0. Question is should I claim 0 or 1 on payroll taxes? Since my income for this year will be minimal and I will be a home owner, what is my best route to take? Am I going to get anything back? Thanks I am so confused

Zip Code: Kimblecandy24@aol.com

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Laurette Dearden
Sep 28, 2005 - 6:15PM
Re: Maryland RN first time home buyer

Hi Natalie,
Since you are purchasing a home, and will be able to deduct your mortgage interest and real estate taxes, I would recommend that you claim 2 or 3 exemptions on your paycheck. If you only claim 0 or 1, you will most likely be paying too much in taxes and will get a refund. This year you won't see much of an effect from owning a home since you are purchasing so late in the year; but, next year you will have significant tax savings.

Zip Code: ldearden1@comcast.net

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