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How many exemptions can I claim after I buy a house.?

April 26, 2017Business buy claim exemptions Finance House taxes United

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How many exemptions can I claim after I buy a house.?

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You can claim as many exemptions as you want. If you claim over 9, you have to file special paperwork with your W4. If there is a significant difference between what you pulled out from payroll and what your taxes are, you will be charged a penalty.

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Unless you expect to have a large amount of other itemized deductions, such as medical expenses in excess of 7.5% of your income, or a large amount of charitable contributions, or property taxes, you can only claim one exemption. The worksheet on the W-4 form will tell you how many exemptions you can claim. If you claim more exemptions than you’re entitled to, you can be fined and assessed tax penalties.