Since we have a lot of unknown factors, we may not able to address LZMM's question accurately. Based on following assumptions:

(1) No state and county income taxes

(2) $7-9K is for income taxes only

(3) Filing status: married filing jointly

The corresponding taxable income for $7K and $9K is $51,500 and $62,500, respectively. (www.irs.gov/pub/irs-pdf/i1040tt.pdf ). Of course in order to come up with a more realistic answer, LZMM need to provide information listed as follows:

(1)   What was the interest rate on the mortage? Is it a fixed or Adjustable Rate Mortgage (ARM)?

(2)   Personal propery taxes paid? Did you purchase vehicle(s) during the year? If so, how much was the sales tax?

(3)   Any charactible contributions? Both cash or non cash

(4)   Any medical or dental expenses paid? If over 7.5% of your adjusted gross income

(5)   Any unreimbursed business expenses (ie. Meals, phone bills, parking, mileage, etc)

(6)   Are you using your home for business purpose?

(7)   Any student loan interest paid?

(8)   Did you attend school during the year? If so, how much was the tuition that you paid out of pocket?

(9)   Any interest, dividend, capital gain income?

Geez…I can just go on and on….Many times the questions are way too general to answer. Don't you agree?

[此贴子已经被作者于2006-7-8 16:59:10编辑过]