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mitabtrfly
Member since 12/06 2770 total posts
Name:
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If you purchase a home near the end of the year can you claim it on your taxes?
Or does the owner claim it?
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Posted 12/13/07 1:20 PM  |
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Long Island Weddings
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
I believe you each claim your deductible expenses for the home - interest expense, real estate tax, etc - that you each incurred during the tax year. It's not an all or nothing type thing.
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| Posted 12/13/07 1:22 PM |
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mka06
LIF Adult
Member since 8/06 1079 total posts
Name:
Melis
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
I believe that any tax deduction you get is based on how long you have owned the house. It's not like a kid - where if you have one at the end of the yr you get to claim him/her for the whole year - you only get credit for the time you owned it. Though, I am not entirely positive.
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| Posted 12/13/07 1:23 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
we bought in Oct. and we claimed the 2 months.
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| Posted 12/13/07 1:23 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
how close to the end of the year?
did you make any mortgage payments, yet? if so, how many/how much?
did you have to pay points?
do you have other items to put on your schedule A?
medical/dental... exceeding your agi by 7.5%
home business expenses
employee expenses
etc
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| Posted 12/13/07 1:24 PM |
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JLM511
LIF Infant
Member since 1/07 49 total posts
Name:
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
Do you mean for the property tax or the actual home expenses? If you mean property taxes then you can only claim what you actually paid, so if you bought your house at the very end of the year and haven't paid any property taxes yet, you won't have anything to claim.
Message edited 12/13/2007 1:26:32 PM.
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| Posted 12/13/07 1:25 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
you can claim part of your closing fees, any pre-paids like property taxes and any mortgage interest you paid.
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| Posted 12/13/07 1:26 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
Posted by JLM511
Do you mean for the property tax or the actual home expenses? If you mean property taxes then you can only claim what you actually paid, so if you bought your house at the very end of the year and haven't paid any property taxes yet, you won't have anything to claim.
there's also mortgage interest.
when you close, you usually go a month before having to make your first payment. that means, if you close at the end of november, you won't make a payment until january... which means you have a zero for the year you closed.
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| Posted 12/13/07 1:28 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
Sure you can, you are not going to get the entire return as if you owned it the entire year, but you will get something.
Just bring all the information with you when you go for your taxes and they will figure it out.
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| Posted 12/13/07 1:31 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
I closed Dec 22 last year -
we wrote off whatever we paid in taxes and the interest that we paid for the first payment.
you can also write off points if you paid any (we didnt)
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| Posted 12/13/07 1:32 PM |
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
We closed on our house today of last year actually!! So we were able to claim the house from December 13, 2006-December 31, 2006. It wasn't much, but it was something.
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| Posted 12/13/07 1:43 PM |
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Katie111806
Team Pink!
Member since 12/06 5349 total posts
Name:
Katie
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
Posted by mka06
I believe that any tax deduction you get is based on how long you have owned the house. It's not like a kid - where if you have one at the end of the yr you get to claim him/her for the whole year - you only get credit for the time you owned it. Though, I am not entirely positive.
that's correct!
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| Posted 12/13/07 2:42 PM |
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Re: If you purchase a home near the end of the year can you claim it on your taxes?
Posted by mka06
I believe that any tax deduction you get is based on how long you have owned the house. It's not like a kid - where if you have one at the end of the yr you get to claim him/her for the whole year - you only get credit for the time you owned it. Though, I am not entirely positive.
you are right. We purchased a home in November and b/c we only owned it for 2 months, then all we could write off is that. It goes by how long.
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| Posted 12/13/07 2:58 PM |
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