This is my first year owning a house & I'm not sure on what expenses are deductible. I know about the interest, I'm waiting on the bank to send my statement out. Are things like home improvements/repairs deductable. We donated furniture to charity when we moved (deductable?) insurance premiums, moving expenses, real estate taxes, those types of things is what I'm wondering about. I dont want to miss out on the benefits of being a homeowner.
2007-01-28 14:52:52 · 2 answers · asked by Tim 3 in Business & Finance ➔ Taxes ➔ United States
Mortgage interest and real estate taxes are deductible.
You might be able to take a deduction for the donated furniture if you have a receipt from a qualified charity that shows the value of the donation.
None of the other items are deductible. Home improvements can be added to your cost basis when you sell to reduce the gain on the sale.
2007-01-28 14:59:55 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Use the site below to pull-up forms, instructions, and publications to assist you in completing your return. The basic deductions are made on a Schedule A of the 1040 return. Also, look for the publication on the topic of Selling Your Home because although you do not need it for this past tax year, if you ever do decide to purchase another one...you will know what to keep up with.
2007-01-28 15:05:34 · answer #2 · answered by Anonymous · 0⤊ 1⤋
1) Interest - Yes
2) Property Taxes - Yes
3) Improvements/Repairs - No
4) Charitable Donations - Yes
5) Insurance Premiums - No
6) Moving - Yes, if you moved over 50 miles for a new job. No, if it was under 50 miles or just because you bought a home.
2007-01-28 14:58:43 · answer #3 · answered by Wayne Z 7 · 0⤊ 1⤋