2007-01-16 13:21:03 · 5 answers · asked by dlr 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
All the interest on your mortgage, closing costs, and some of the taxes. Check online with the IRS they have info available in PDF format or you can download publications that explains all the details.
You get to take your interest/taxes total as your deduction or the standard deduction. You'll want to take the credit from your total you paid out on the house. (tax, interest,closing). Use The Long Form 1040
Hope that helped.
2007-01-16 15:25:06 · answer #1 · answered by Camoguntruck_lady 3 · 0⤊ 0⤋
You can deduct your home loan interest and property taxes if you itemize (you should be able to), which will also open the door for more deductions. Those deductions are donations, tabs for your car (if amount was based on your cars weight), possible work expenses, and medical expenses above 7.5% of your AGI.
Since it is your first time filing since you purchased the house, you should look at your HUD statement because you probably paid some of the pervious owners property taxes, and you can add that to property taxes paid.
Also, you can get a credit if you purchased any energy efficient items, such as appliances, windows, or insultation. It is a one time credit up to $500. Just depends on what was purchased.
What you can't deduct is repairs or upgrades to the house, but keep the receipts because you can you them to adjust your cost basis in the house.
It is better to see a tax professional to get the best refund.
2007-01-16 15:29:16 · answer #2 · answered by chelle8079 2 · 0⤊ 0⤋
On your home, the mortgage interest and real estate taxes are deductible if you itemize. And if you're itemizing, you can also deduct state and local taxes and charitable contributions. There are other items that can be deducted also, but those are some of the main ones. Download the instructions for 1040 Schedule A from irs.gov for a more complete list.
2007-01-16 13:30:10 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
ask your accountant to be sure that you get credit for everything but the intrest is definately tax deductible
2007-01-16 13:25:29 · answer #4 · answered by Sunshine 2 · 0⤊ 0⤋
All taxes, interest paid on mortgage, points paid on mortgage, insurance paid on the house. Welcome to the world of big deductions.
2007-01-16 13:28:31 · answer #5 · answered by whatevit 5 · 0⤊ 0⤋