I closed on a house on Dec 29, just wondering what if anything I am entitled to claim.
2007-01-14 13:12:07 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
There are no special breaks for first time homeowners.
Unless you paid a boatload in points, you will get nothing on your 2006 return.
You will be able to deduct interest and property taxes for 2007 and forward. Also, if you did pay some points, you should elect to amortize them over the life of the loan so you get some tax benefit from them.
2007-01-14 14:03:55 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
ok this year will NOT help you BUT on Tuesday (all govt offices are closed tommorrow) walk into your county tax assessors office and file for HOMESTEAD EXEMPTION. The going rate is $25,000 off the tax assessors value of the house (which is lower than what you bought it for) and pending on their mood every year your house is capped at 3% saving you some SERIOUS money when the property tax comes due. The property tax and interest paid IS deductable on your 2007 taxes.
2007-01-14 15:04:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋