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Benefits of closing before the new year?
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Benefits of closing before the new year?
I am in the process of buying a home. We are working on the closing date and I was told that it would be possible to close at the end of December, but I have until January 16. I gave my 60 day notice to my apartment, which puts me to January 24, so closing before then means I will have to pay mortgage and rent. Are there any tax benefits to closing before the end of the year? Thanks!
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Posted 11/29/16 10:36 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Benefits of closing before the new year?
Yes - you can claim the house on your 2016 returns.
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| Posted 11/30/16 10:52 AM |
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MrsO
Big Brothers to Be
Member since 1/07 4521 total posts
Name:
Maureen
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Re: Benefits of closing before the new year?
Posted by nraboni
Yes - you can claim the house on your 2016 returns.
It most likely will be minimal taxes and interest though since the year is almost over
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| Posted 11/30/16 10:55 AM |
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LInMI
LIF Adult
Member since 7/10 1800 total posts
Name:
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Re: Benefits of closing before the new year?
I'm not 100% sure but I thought the best time to close was Jan or Feb. My best friend is an accountant and I remember her saying she was waiting to go to closing after the New Year (when she bought she went to closing in Feb).
I think you pay less out of pocket at closing... again not 100% sure.
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| Posted 12/1/16 9:10 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Benefits of closing before the new year?
Posted by MrsO
Posted by nraboni
Yes - you can claim the house on your 2016 returns.
It most likely will be minimal taxes and interest though since the year is almost over
Yeah, there is really no real reason to rush to close by the end of the year that I am aware of.
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| Posted 12/2/16 4:44 PM |
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