I must pay you a compliment. Your videos recently started appearing in my recommendations and your appearance is so welcomed as your manner of dress is not too revealing, minimal makeup, no tattoos or cleavage showing. Your hair is well done with no kool aid coloring or obvious hair added in. You speak without verbal crutches such as “you know wut I’m sayin” or “I wanna address the situation” etc. How ordinary, normal, polished, professional you come across. You appear to be a very fine version of you and you are representing well for our black sisters. I see so many caricatures of our sisters, I absolutely had to stop and acknowledge you. Btw, your subject content is actually useful. Don’t know you, but you are a fine example of black womanhood on these “ YT streets”. Have a nice day. A Sis in NJ
Thank you. I get so much back in taxes from our home. Marriage (to someone that is educated and makes as much or more than you with good credit) and home ownership is so important for generational wealth. We have refinanced and got lower interest rates and received thousands of dollar every time we do our taxes because we itemize and get so much from interest rates. Huge! I’m so glad you are educating the masses.
OMG! Girl I love ya! I purchased my fist home last year and let me tell you’re videos were so helpful! And a year later they still are! Thank you 🙏 🙏 thank you 🙏
I just closed yesterday in the Metro Atlanta area! It was a tough 18 months and then I found your videos in December 2021, and your explanations help me so much!
As a new home owner this video was so helpful. It’s a lot of misleading information surrounding what you can and can’t deduct during tax season. Thank you so much.
I really appreciate this channel it gave me a lot to understand in buying a home. My wife and I closed on our home 3 days ago in NC firstime home and first time living in this state. We are so excited and nervous at the same time. Keep on giving the message it really helps
In the Netherlands a House is so expensive currently that it is a luxury to buy a House. So now all Young people keep living by their parents and IT is crazy👍🏻
Thanks for watching, basically pre-paid interest to get a lower interest rate on your mortgage. Here is a video that I did on it. ua-cam.com/video/a2T0a-0gzsw/v-deo.html
Probably just 2022 since you don't have any home expenses in 2021. However, double check will your accountant to make sure you are getting all the deductions you are entitled to. Thank you for watching and congratulations on your new home!
That was a good one because I wanted to know about that I'm a senior citizen 62 and Memphis have something like that I'm thinking about moving in the next month or so to Georgia or Alabama and I need any tax credits that I can get
It doesn't, it will just potentially help you save on your property taxes each year. There is a link in the desctiption that tells you if your state has any property tax exemptions. Thank you for watching!
OMG! I love your videos! so informational and helpful. Can you claim the first-time home owner credit for a home bought in 2022? if so which form would you recommend? Thank you kindly
If I'm moving in next month to my new home does that mean i have to wait until next year to apply for the homestead exemption? I live in CA and I believe we do have it. First time home buyer. Thank you in advance!
Usually you can apply at anytime but it may not be applied until the next tax year. You can ask the tax commissioners office in your area. Thanks for watching!
hi shaheedah, I been watching your channel for a while and I'm first time home buyer and willing to re-locate from Fl to GA. how I can avoid the 20% down payment for buying out of state? in another word I can't buy with 3.5% down?
You would have to show proof of employment in GA, a job offer letter, job transfer paperwork or proof that you are a remote worker. Thank you for watching!
No, but I get a lot of requests for videos on that topic. I will do one soon. The main reason I haven't done one is because manufactured homes generally speaking go down in value overtime and that is the opposite of what you want to do with real estate. However, with housing costs increasing I do see that more and more buyers are looking for other options. Thanks for suggesting and watching!
Do you get return money when you file tax ? Instead of paying irs? Im trying to buy a house because last tax season i payed 🙁 12k and im trying not to pay that this next tax season. Will buying a house help me? Im a new home owner at California if i close the deal next month 🙏🏼
It may not help that much. Ask you tax preparer, if you are using the standard deduction in order for it to be benefical you will likely have to itemize.
Hi, I really appreciate your videos, and love your content! I believe I finally found someone I would love to learn more from. I was wondering if you do mentorship. If so, how can i connect with you in doing so?
I don't do direct mentorship. If you are a first time buyer please join my first time buyer facebook group,facebook.com/groups/HillsFirstTimeBuyers if you are a Realor I have a UA-cam for agents Facebook group as well. facebook.com/groups/localcelebrityyoutubeagent Thank you for watching!
***Disclaimer - Not an accountant*** But what you do in 2022 will usually only impact your 2022 tax return. So if you buy a house in 2022 it will likely not impact your 2021 tax return.
Please help. My husband and I purchased a home in 2022. Our tax preparer told us that we could not get any tax savings from our home purchase because we bought it later in the year. Needless to say we were floored. I asked the preparer could we receive any savings next year and she said no. We were shocked and did not continue the session. Please help, is this correct? My husband and I are so floored by this news. Any feedback is appreciated.
It likely has to do with the standard deduction. If your standard deduction is higher than itemized deductions it may not make sense to include your home interest payments. But check with another tax preparer to be sure. The standard deduction has increased significantly over the last few years so that's why it makes less sense to itemize. Thanks for watching
As a first time home buyer, I hear that it's best if I banked with a credit union--I've been with the same bank for many, many years and kind of afraid to switch. Would you recommend that I switch? When it's time to go to a lender would it be a problem that I've only been with the credit union for this short amount of time?
I always recommend you get 3 mortgage quotes, one can be from your credit union. Credit Unions and Large Banks tend to be slower to get a mortgage approved and that is not good in a seller's market. So no need to switch just know that you do not have to get your mortgage with them.
Thanks for the show, Shaheedah. I have a question about capital gain tax from the last house that I sold. I moved to Texas from Seattle and purchased with cash on the new home. Which price of the house was less than half that I sold in Seattle. Is there a way to not pay big capital gain tax? Huge Thanks in advance for your response.
Disclaimer - I am not a tax professional, this is not tax advice. If you lived in the home you sold for at least 2 years $250K is expemt, $500K for married filers. If you had to sell because of work or health you may be exempt as well. Lastly, if you made improvements to your home that you sold you may be able to write those off and lower your capital gains. But go ahead and consult a tax accountant ahead of your 2022 tax filing to be sure. Thank you for watching.
Thank you for all your videos. I have a quick question my offer was just accepted, I sent in my first deposit of 3,000. My agent is now asking me to do 5% buyers default. I don't feel right about that. I signed it already but I dont think that's right. Please how does that work or how do I go about it?
When you say Buyer Default are you talking about Earnest Money? If you are talking about Earnest Money you need to review your contract. Once your offer is accepted (signed by both parties) is becomes a binding contract. If you agreed to 5% earnest money in the contract that is the amount you need to pay, if you agreed to $3000 then that is the amount you need to pay. Make sure you are very clear about what the contract says, have your agent review it with you. They are usually not able to increase this amount once an amount is agreed to in the contract, it sounds like you may still be in negotiations and they countered your offer with a higher earnest money amount. *Buyers are doing higher earnest money amounts to get their offers accepted, but be clear about your risk with this higher amount.
Check with your tax professional on this, since you are not married yet you would likely be filing single and you will need to decide how you will use the house deductions. It will not impact you this year since you don't have a house yet.
So if i get 9k every year because I claim 0 dependants will i get more of a credit after my mortgage intrest is inputed? Thank you trying to figure out if i will get more.
SC is you can only get Homestead Exemption on your property taxes if your over 65, disabled, or permanently blind.. so basically on 20% of SC population
This is really helping with me finding information about home ownership that I’ve never learned. I have a question, what do you think about purchasing HUD homes and using the203k loans for renovation?
We just did a Reno loan (Fannie Mae) for our first home! My advice would be have options! From the amount of lenders to even contractor bids. It can be a big investment initially with all the cost with having multiple contractors come to your home to view the scope of work needed for your home. In Georgia the fees for inspections will be based off the square footage of the home. I would suggest you as the contractor if they will prepare a materials list and a labor cost when they give you their breakdown. Lender wise look at the cost/ fee for applying points- which is basically a fee for getting your interest rates lower.
Hello does mortgage interest deductions applicable to someone who gets Bank statement mortgage? Mortgage through bank statement not through income tax returns Please help
It shouldn't matter how you qualified for you mortgage, you will still get a form at the end of the year with the interest that you paid. Thanks for watching!
Review your tax regulations - this is clearly not stealing.Tax laws are the legal rules and procedures governing how federal, state and local governments calculate the tax you owe. Americans should get all deductions they are entitled to .
I do have an Instagram @shaheedahhillrealestate but they best place to ask questions is in my first time buyers facebook group. I don't do individual consults. facebook.com/groups/HillsFirstTimeBuyers
I must pay you a compliment. Your videos recently started appearing in my recommendations and your appearance is so welcomed as your manner of dress is not too revealing, minimal makeup, no tattoos or cleavage showing. Your hair is well done with no kool aid coloring or obvious hair added in. You speak without verbal crutches such as “you know wut I’m sayin” or “I wanna address the situation” etc. How ordinary, normal, polished, professional you come across. You appear to be a very fine version of you and you are representing well for our black sisters. I see so many caricatures of our sisters, I absolutely had to stop and acknowledge you. Btw, your subject content is actually useful. Don’t know you, but you are a fine example of black womanhood on these “ YT streets”. Have a nice day.
A Sis in NJ
Thank you. I get so much back in taxes from our home. Marriage (to someone that is educated and makes as much or more than you with good credit) and home ownership is so important for generational wealth. We have refinanced and got lower interest rates and received thousands of dollar every time we do our taxes because we itemize and get so much from interest rates. Huge!
I’m so glad you are educating the masses.
Thank you so much for watching.
they said you pay closing cost whenever you refinance? is that true? and why do you have to pay closing cost?
OMG! Girl I love ya! I purchased my fist home last year and let me tell you’re videos were so helpful! And a year later they still are! Thank you 🙏 🙏 thank you 🙏
Thank you so much for hanging with me😍I hope you are loving your home!!
I go to settlement next month and your videos have been helping me with my anxiety tremendously!
Awesome, thanks for watching
I just closed yesterday in the Metro Atlanta area! It was a tough 18 months and then I found your videos in December 2021, and your explanations help me so much!
That is awesome, thank you so much for sharing and congratulations on your new home!!!
Liked how you distinguished between standard deduction and itemized right out the gate!
Thanks for watching
I’m binge watching your videos, you explain everything very clear and easy to understand.
Thank you so much!
As a new home owner this video was so helpful. It’s a lot of misleading information surrounding what you can and can’t deduct during tax season. Thank you so much.
Thank you, hopefully this is a good starting point for you as you prepare your taxes as a new homeowner. Thank you for watching.
Fr she be on point. Covers everything
I really appreciate this channel it gave me a lot to understand in buying a home. My wife and I closed on our home 3 days ago in NC firstime home and first time living in this state. We are so excited and nervous at the same time. Keep on giving the message it really helps
That is awesome, congratulations. Many blessings in your new home!
In the Netherlands a House is so expensive currently that it is a luxury to buy a House. So now all Young people keep living by their parents and IT is crazy👍🏻
I tell people housing prices are not going down and the U.S. is just catching up with the rest of the world in real estate prices
Same here in America.
Thank you so kindly. I am a new homeowner. All of this stuff is new to me. Just downloaded my 1098 😅.
Thanks for watching!
This video was extremely helpful. I just bought a home in Jan 2022. Thank you!
Thank you so much!
My wife and I just secured our home purchase. This is very informatve.
Thanks for watching
Good afternoon. Here for the lesson 🙋🏽♀️
Thanks for coming😊
Thank you so much. I purchased my home at the end of 2020. Didn’t know this whole thing worked so thanks!
Great, thank you for watching and congratulations on your new home!
You always have such great information! I wish you lived near me in Philadelphia so you could be my realtor 😃
Thank you, I think of my self as your UA-cam Realtor. 😊
Is there someone from your team that you can recommend? We are looking to buy in the metro Atlanta area
Shaheedah is my You Tube realtor! I just don’t mention that to my wonderful local realtor 😂❤😂
I will be closing on a duplex this month. Sept. 2022 and live in 1 side and renting out the other. So im glad i can use some of these tax benefits
Congrats!
@@ShaheedahHill thank u
Just closed one week ago so this was right on time. Thank you, Shaheedah!
You're so welcome, congratulations on your new home!
Closing on my first home tomorrow!
Congratulations!!!
Your videos are always clear and concise. Good job.
I appreciate that!
I love your channel! So educational and structured properly!
Thanks so much. I appreciate the feeback and your support.
You always come through to the max. I was just thinking what will I do for my taxes this year. Thank you. 😍😍
You are so welcome, thank you so mcuh for watching.
Closing soon on our house here in RI. Thank you for the info
Congratulations! Thank you for watching!
Great information. Can you explain what POINTS are, please I've never heard of that.
Thanks for watching, basically pre-paid interest to get a lower interest rate on your mortgage. Here is a video that I did on it. ua-cam.com/video/a2T0a-0gzsw/v-deo.html
Grate information thank you
YOU ARE AWESOME, SO MUCH GREAT INFORMATION IN A SHORT VIDEO 🌞🙏🏾
Thank you for watching
Thank you for the great information. BTW the home appraised and it seems that it is just a question of time now.
Congratulations on the appraisal and you are getting really close!
Wow! I will be sharing this information with my clients. Keep up the good work
Thank you for watching
We been here since I was 5 I'm 63
Thanks for the information. Quick question, I just closed 2 weeks ago. Would I include my home on my taxes for the 2021 or the 2022?
Probably just 2022 since you don't have any home expenses in 2021. However, double check will your accountant to make sure you are getting all the deductions you are entitled to. Thank you for watching and congratulations on your new home!
That was a good one because I wanted to know about that I'm a senior citizen 62 and Memphis have something like that I'm thinking about moving in the next month or so to Georgia or Alabama and I need any tax credits that I can get
Thanks for all this info
Great information like always thank you
Thanks for watching
thanks, this is the video i needed
Thank you for watching!
You are amazing! Thank you!
You're so welcome!
Thank you Shaheeda!!!!!
Very informative and great video. Thanks
Glad it was helpful, thank you for watching!
Great video ma'am...
Thanks for watching!
Golden info💛💛💛 Thank you
You're so welcome!
You are awesome!!
Thanks for watching!
I'm disabled and the sole heir just finding out been paying since 2007
@Gertrude-h8z Thank you for watching
How does the homestead exemption affect the standard deduction/itemized deduction?
It doesn't, it will just potentially help you save on your property taxes each year. There is a link in the desctiption that tells you if your state has any property tax exemptions. Thank you for watching!
Thanks
Can I make a video for this tax exemption without real estate tax interest for life? No mortgage for life
@amadabakar8708 Thank you for watching, sure you can
Does this apply if I purchase condos or just houses ?
Both
OMG! I love your videos! so informational and helpful. Can you claim the first-time home owner credit for a home bought in 2022? if so which form would you recommend? Thank you kindly
The was no first-time home owner credit passed, is was a bill and not a federal law. Ask you tax preparer to be sure.
What if you're a new home owner and usually have done your taxes yourself in the past, should you use a preparer now that you own a home?
You may want to consult with someone, just to make sure. But most of the online tax preparation softwares will ask home ownership related questions.
Thank you
If I'm moving in next month to my new home does that mean i have to wait until next year to apply for the homestead exemption? I live in CA and I believe we do have it. First time home buyer. Thank you in advance!
Usually you can apply at anytime but it may not be applied until the next tax year. You can ask the tax commissioners office in your area. Thanks for watching!
Thank you for the great advice as always. ❤️
You are so welcome, thank you for watching.
What if you purchased your home in December 2021 and your first mortgage payment was not due until January
You would have to see what expenses you had in 2021 that were housing related.
hi shaheedah, I been watching your channel for a while and I'm first time home buyer and willing to re-locate from Fl to GA. how I can avoid the 20% down payment for buying out of state? in another word I can't buy with 3.5% down?
You would have to show proof of employment in GA, a job offer letter, job transfer paperwork or proof that you are a remote worker. Thank you for watching!
Do you have information on manufactured homes?
No, but I get a lot of requests for videos on that topic. I will do one soon. The main reason I haven't done one is because manufactured homes generally speaking go down in value overtime and that is the opposite of what you want to do with real estate. However, with housing costs increasing I do see that more and more buyers are looking for other options. Thanks for suggesting and watching!
@@ShaheedahHill Thank you so much Mrs. Hill
Do you get return money when you file tax ? Instead of paying irs? Im trying to buy a house because last tax season i payed 🙁 12k and im trying not to pay that this next tax season. Will buying a house help me? Im a new home owner at California if i close the deal next month 🙏🏼
It may not help that much. Ask you tax preparer, if you are using the standard deduction in order for it to be benefical you will likely have to itemize.
@@ShaheedahHill thank you, he said it will help.
Hi, I really appreciate your videos, and love your content! I believe I finally found someone I would love to learn more from. I was wondering if you do mentorship. If so, how can i connect with you in doing so?
I don't do direct mentorship. If you are a first time buyer please join my first time buyer facebook group,facebook.com/groups/HillsFirstTimeBuyers if you are a Realor I have a UA-cam for agents Facebook group as well. facebook.com/groups/localcelebrityyoutubeagent Thank you for watching!
I have a question .what if i am currently claiming exceptions on my federal taxes does this affect me getting a home loan
No, it will not impact it. Lenders use gross income.
Thank you for the great information, I emailed you regarding opportunities to join your team, are you onboarding for new junior agents at this time?
Not right now, but I will answer your email. Also, join my agent group on FB. facebook.com/groups/localcelebrityyoutubeagent
Should one file their taxes(2021)before buying a house this year?
***Disclaimer - Not an accountant*** But what you do in 2022 will usually only impact your 2022 tax return. So if you buy a house in 2022 it will likely not impact your 2021 tax return.
2021 is already over, go ahead and file your taxes.
Please help. My husband and I purchased a home in 2022. Our tax preparer told us that we could not get any tax savings from our home purchase because we bought it later in the year. Needless to say we were floored. I asked the preparer could we receive any savings next year and she said no. We were shocked and did not continue the session. Please help, is this correct? My husband and I are so floored by this news. Any feedback is appreciated.
It likely has to do with the standard deduction. If your standard deduction is higher than itemized deductions it may not make sense to include your home interest payments. But check with another tax preparer to be sure. The standard deduction has increased significantly over the last few years so that's why it makes less sense to itemize. Thanks for watching
As a first time home buyer, I hear that it's best if I banked with a credit union--I've been with the same bank for many, many years and kind of afraid to switch. Would you recommend that I switch? When it's time to go to a lender would it be a problem that I've only been with the credit union for this short amount of time?
I always recommend you get 3 mortgage quotes, one can be from your credit union. Credit Unions and Large Banks tend to be slower to get a mortgage approved and that is not good in a seller's market. So no need to switch just know that you do not have to get your mortgage with them.
Thanks for the show, Shaheedah. I have a question about capital gain tax from the last house that I sold. I moved to Texas from Seattle and purchased with cash on the new home. Which price of the house was less than half that I sold in Seattle. Is there a way to not pay big capital gain tax? Huge Thanks in advance for your response.
Disclaimer - I am not a tax professional, this is not tax advice. If you lived in the home you sold for at least 2 years $250K is expemt, $500K for married filers. If you had to sell because of work or health you may be exempt as well. Lastly, if you made improvements to your home that you sold you may be able to write those off and lower your capital gains. But go ahead and consult a tax accountant ahead of your 2022 tax filing to be sure. Thank you for watching.
@@ShaheedahHill Thank you so much 💓
Gracias. Muy buena informacion. Me subscrivi a tu canal de youtube.
gracias por ver
Amazing!
Thank you!
@@ShaheedahHill just got a preapproval!
Thank you for all your videos. I have a quick question my offer was just accepted, I sent in my first deposit of 3,000. My agent is now asking me to do 5% buyers default. I don't feel right about that. I signed it already but I dont think that's right. Please how does that work or how do I go about it?
When you say Buyer Default are you talking about Earnest Money? If you are talking about Earnest Money you need to review your contract. Once your offer is accepted (signed by both parties) is becomes a binding contract. If you agreed to 5% earnest money in the contract that is the amount you need to pay, if you agreed to $3000 then that is the amount you need to pay. Make sure you are very clear about what the contract says, have your agent review it with you. They are usually not able to increase this amount once an amount is agreed to in the contract, it sounds like you may still be in negotiations and they countered your offer with a higher earnest money amount. *Buyers are doing higher earnest money amounts to get their offers accepted, but be clear about your risk with this higher amount.
Shaheedah Hill .
Do you have to have all the money before closing just in case seller don’t pay closing costs
Yes, you want to be prepared to pay the closing costs so if the seller doesn't pay you are prepared.
Is this works in Canada too
Not sure about Canada income taxes but you can use this as a starting point to see if you have similar deductions
Can me and my fiancé use the same form to file for benefits on our new home or only one person can file for the homeowners deduction on our taxes?)
I am not sure, great question for you tax preparer. There may be a way to split any credits. Thanks for watching!
Me and my fiance are currently looking to purchase a home. How would any of this apply to us?
Check with your tax professional on this, since you are not married yet you would likely be filing single and you will need to decide how you will use the house deductions. It will not impact you this year since you don't have a house yet.
Do you file for homestead exemption every year?
Only once in Georgia unless you qualify for an additional exemption...then you have to apply again.
Mrs. Hill Post, I watch. End of story.
I appreciate that 😊
So if i get 9k every year because I claim 0 dependants will i get more of a credit after my mortgage intrest is inputed? Thank you trying to figure out if i will get more.
Probably not if your interest rate is low and you claim the standard deduction.
How u get 9k back w no dependents
SC is you can only get Homestead Exemption on your property taxes if your over 65, disabled, or permanently blind.. so basically on 20% of SC population
Thanks for watching!
What other states?
@PYTU just google it
This is really helping with me finding information about home ownership that I’ve never learned. I have a question, what do you think about purchasing HUD homes and using the203k loans for renovation?
Its fine...if you can find a good contractor. Watch my 203K videos. Thanks for watching.
@@ShaheedahHill no prob and thank you for replying!
We just did a Reno loan (Fannie Mae) for our first home! My advice would be have options! From the amount of lenders to even contractor bids.
It can be a big investment initially with all the cost with having multiple contractors come to your home to view the scope of work needed for your home. In Georgia the fees for inspections will be based off the square footage of the home.
I would suggest you as the contractor if they will prepare a materials list and a labor cost when they give you their breakdown.
Lender wise look at the cost/ fee for applying points- which is basically a fee for getting your interest rates lower.
Was the bill passed?
Can having low credit history hurt you buying your first home 🏡
Yes, you will need to have enough credit to qualify.
I bought a home last year in 2022. I'm about to file my taxes. Well I get the tax benefits every single year or is it just a one time thing?
Each year that you are paying your mortgage you will get that interest statement. Thanks for watching!
You can’t claim anything from a house with the married credit!
Hello does mortgage interest deductions applicable to someone who gets Bank statement mortgage?
Mortgage through bank statement not through income tax returns
Please help
It shouldn't matter how you qualified for you mortgage, you will still get a form at the end of the year with the interest that you paid. Thanks for watching!
😅😅😅😅😅
Property taxes and Interest are out the door for most ppl.
Its point less for average home owner with the new standard deduction
Thanks for watching!
👍🏽
Can closing out all your credit cards hurt your credit history
Yes, closing accounts can lower your credit score. Please watch this video it helps explain - ua-cam.com/video/lJK6thPtmBY/v-deo.html
So, in other words it pays to be married.
WE SHOULD BE DONATING TO HER CASH APP!! 🏡 AT LEAST $1 EVERY VIDEO
😍Thanks for your support. I appreciate it.
None all it does keeps u tied down with property tax expenses. Utilities and repairs. 😂😂😂
@renerodriguez6300 Thank you for watching
This country is a mess in every aspect, tax code, healthcare, inflation...it's probably better to just move to another country
Thanks for watching!
Pay your taxes and stop stealing from the public.
Review your tax regulations - this is clearly not stealing.Tax laws are the legal rules and procedures governing how federal, state and local governments calculate the tax you owe. Americans should get all deductions they are entitled to .
Do you have Instagram? I have a question I need to ask a professional.
I do have an Instagram @shaheedahhillrealestate but they best place to ask questions is in my first time buyers facebook group. I don't do individual consults. facebook.com/groups/HillsFirstTimeBuyers
@@ShaheedahHill Thank You.
Thanks for sharing these tips. Much appreciated.
My pleasure!
Very informative! Thank you
Thanks for watching!