Can I deduct the down payment from my home I purchased in 2006 on my taxes?

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Can I deduct the down payment from my home I purchased in 2006 on my taxes?

2007-02-08 13:11:31 · 3 answers · asked by nicole c 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

3 answers

You can't deduct the down payment but you can deduct any loan points you paid or the seller paid. They are regarded as interest.
Origination fee, prorated interest and taxes can be deducted. You will need to read your HUD-1 for the actual amounts. (HUD-1) is your closing statement.

2007-02-08 14:36:13 · answer #1 · answered by loandude 4 · 1⤊ 0⤋

You can't deduct the down payment. The only thing you can deduct is the mortgage interest you paid on the loan, and the property taxes you paid on the home.

2007-02-08 21:23:19 · answer #2 · answered by jseah114 6 · 1⤊ 0⤋

No.....and most of the closing costs aren't deductable either.

2007-02-08 22:08:40 · answer #3 · answered by Wayne Z 7 · 1⤊ 0⤋