Is the down payment for a new house tax deductible?

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Is the down payment for a new house tax deductible?

2006-11-06 04:12:54 · 6 answers · asked by soccer2006 2 in Business & Finance ➔ Taxes ➔ Other - Taxes

6 answers

Your downpayment is not deductible, however, any mortgage interest, discount points, and property taxes that you paid at closing are.deductions you may take on yor Schedule A thereby reducing your taxable income.

2006-11-06 04:26:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋

No, it is simply part of the purchase price.

2006-11-06 13:19:05 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋

no only the interest on your mortgage is

2006-11-06 12:14:47 · answer #3 · answered by cutiepie81289 7 · 0⤊ 0⤋

My husband says no, and he is a C.P.A.

2006-11-06 13:07:27 · answer #4 · answered by Rebecca T 1 · 0⤊ 0⤋

No.

2006-11-06 12:16:14 · answer #5 · answered by hirebookkeeper 6 · 0⤊ 0⤋

No.

2006-11-06 12:14:41 · answer #6 · answered by Margaret K 3 · 0⤊ 0⤋