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New home owners...when filing taxes...
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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New home owners...when filing taxes...
I bought a home this year. I know that the interest paid monthly on your mortgage is tax deductible. Is anything from the closing costs deductible? Just wondering what to be prepared for.
thanks
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Posted 12/8/11 10:58 AM  |
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Long Island Weddings
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: New home owners...when filing taxes...
Generally.....
real estate taxes paid at closing that are not going through the escrow
any points you paid your bank to reduce the interest rate, but only if you paid them out of pocket, if you financed them, you have to amortize the amount.
generally everything else is generally not tax deductable.
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| Posted 12/8/11 11:38 AM |
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EmiNoa628
She is the cutest Island EVER!
Member since 8/08 1063 total posts
Name:
Emz
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Re: New home owners...when filing taxes...
I don't think they are tax deductible. Here is a link ... Closing cost tax deductible
What you should know is that many of the expenses within the house for the next 2 years can be tax deductible. Overall your taxes should look pretty good for the next few years on.. Speak to an accountant. Many of the laws have change as well so make sure it gets done properly. G/L
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| Posted 12/8/11 11:42 AM |
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MarsB
LIF Adult
Member since 11/10 1456 total posts
Name:
Martha
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Re: New home owners...when filing taxes...
If you're paying PMI, you can deduct the upfront PMI premium.
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| Posted 12/8/11 2:33 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: New home owners...when filing taxes...
Posted by MarsB
If you're paying PMI, you can deduct the upfront PMI premium.
Thanks!!
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| Posted 12/8/11 3:02 PM |
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Re: New home owners...when filing taxes...
Congrats on the purchase.
The answers I've seen are pretty accurate. Yes, the R.E. taxes and PMI paid at closing are deductable (if paid upfront and not escrowed or financed).
It is easy to miss something on the HUD so the best advice i can give is have an accountant look at it and make sure you are taking advantage of every deduction that available to you.
If you have any other questions or you'd like to have your taxes done please feel free to email me.
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| Posted 12/13/11 10:56 AM |
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