i closed nov 27, and paid no points. i did pay a orgination fee of 1%.
i hope i can write some stuff off?
2006-12-27 08:54:12 · 7 answers · asked by poloblunts 2 in Business & Finance ➔ Taxes ➔ United States
Only interest and property taxes are deductible for personal homes. They are only deductible if paid in the tax year and if you itemize.
2006-12-27 09:02:54 · answer #1 · answered by Dana B 2 · 1⤊ 0⤋
I'm not certain if you can deduct the origination fee or not. Closing on Nov 27, your first payment is probably in Jan, 2007. That means you have no deductible interest and your share of the property taxes is likely very small. Unless your itemized deductions (including mortgage interest and property taxes) is more than the standard deduction, you won't get a benefit.
2006-12-27 10:27:26 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
You closed too late in the year to get a benefit on your 2006 taxes. Your interest and property taxes will provide a nice deduction in 2007 and forward.
Make the election to amortize the origination fee over the life of the loan. Deducting it all in 2006 will not benefit you.
2006-12-27 09:16:05 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋
origination fees are deductible as points. Also, any mortgage interest you pay in 06. These are deductible on Schedule A, itemized deductions. Unless you live in DC, in which case you actually get a credit for being a first time home buyer....I wonder why only there.....lol
Real estate taxes are also deductible on Schedule A
2006-12-27 09:06:38 · answer #4 · answered by phall257 2 · 0⤊ 0⤋
check your closing documents. Any interest or property taxes you paid at the closing is deductible. Make your January payment early and take that deduction for interest. Origination fees or points are deductible if they are "customary" in your area.
2006-12-27 09:03:21 · answer #5 · answered by nickfromct 3 · 1⤊ 0⤋
I believe that you can deduct the origination fee, plus mortgage interest for one month, plus 1/12th of the property tax
2006-12-27 09:34:27 · answer #6 · answered by PALADIN 4 · 0⤊ 0⤋
Your interest on the loan is tax deductible and should show on your closing papers.
2006-12-27 09:01:12 · answer #7 · answered by curiositycat 6 · 0⤊ 0⤋