2006-12-12 11:53:59 · 7 answers · asked by Jamus 1 in Business & Finance ➔ Taxes ➔ United States
Only the expenses of taxes, interest and some of the closings costs. And then, all the little kids you'll have once you have more room.
2006-12-12 12:00:04 · answer #1 · answered by Papa John 6 · 1⤊ 0⤋
You can deduct your mortgage interest and property taxes you pay on your house, and any points that you paid in getting the mortgage. That's pretty much it.
When we stopped renting and bought a house, my take home pay increased by over $1,500 a month because I was able to adjust my withholding to account for mortgage interest and property taxes.
2006-12-12 11:57:33 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
You get to itemize any interest paid on a mortgage, and the property taxes. If these and other items exceed the standard deduction amount, you submit that return and pay less in taxes than you would otherwise.
2006-12-12 12:03:20 · answer #3 · answered by kate 7 · 1⤊ 0⤋
What the above people said--plus, if you have a home office, you can take a small tax deduction for that (although this deduction is slowly being chipped away by the IRS).
2006-12-12 12:02:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
haha some..but your new taxes will probally be more then your old house..my parents are paying 12-15 k a year in miami its ridiculous!
2006-12-12 12:02:33 · answer #5 · answered by Cool Person 3 · 0⤊ 0⤋
Lots of tax benefits for homeownership.
2006-12-13 12:04:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Closing costs, points, and mortgage interest.
2006-12-12 12:30:23 · answer #7 · answered by Flyby 6 · 0⤊ 0⤋