2007-01-30 17:29:43 · 3 answers · asked by cheyguy2308 2 in Business & Finance ➔ Taxes ➔ United States
No, never. You can deduct mortgage interest and property taxes.
Some closing costs can be used to adjust your cost basis as can some home improvements. That will reduce your gain when you sell and may have tax impact when you sell.
Any down payment is simply part of what you paid for the home and has no tax impact at all.
2007-01-30 23:22:58 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No. You spend the money, you get the house. There's nothing in that exchange to deduct.
You can of course deduct mortgage interest and real estate taxes.
2007-01-31 01:36:38 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
nope. this is part of the cost basis of the house.
you can deduct real estate taxes, mortgage interest, and any points paid.
2007-01-31 01:36:44 · answer #3 · answered by tma 6 · 1⤊ 0⤋