2006-08-11 01:23:30 · 5 answers · asked by gngrbreadmn 1 in Business & Finance ➔ Renting & Real Estate
I'm not sure I fully understand... Are you referring to the deduction you can take on your tax filing? If yes, you can take the mortgage interest on your loan, at least that's how it works in my state. I hope this helps!
2006-08-11 01:27:57 · answer #1 · answered by loving father 5 · 0⤊ 0⤋
If you bought your home this year, you can write off (a) the closing costs, (b) the property tax, if you have paid any yet, and (c) the interest you paid on your mortgage on next year's taxes. You'll have to itemize your deductions instead of taking the standard deduction, which means you may need a tax specialist to help you, but it's usually worth it. When I bought my house I received a return of over $4,000.00 from the Federal Government and over $450.00 from the state (first time I didn't owe the state in over a decade).
2006-08-11 01:31:46 · answer #2 · answered by sarge927 7 · 0⤊ 0⤋
Generally you may deduct your mortgage interest and real estate taxes if you file Schedule A itemized deductions). If you purchased your home this year and paid "points" on your loan, you may be able to deduct part of the amount paid, or all of the amount.
2006-08-11 01:31:07 · answer #3 · answered by Adios 5 · 0⤊ 0⤋
real estate taxes, mortgage interests for primary residency in schedule A.
If you bought it for a rental investment, you can claim most other expenses that relates to the property by reporting a schedule E.
2006-08-11 01:29:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
All of them including your points
2006-08-11 01:44:31 · answer #5 · answered by howaboutit99@sbcglobal.net 2 · 0⤊ 0⤋