Taxes - Home buying - Down payment?

Question

Where do i include my down payment when i file my taxes?
Should my down payment be excluded from mytaxable income ?

Answer 1

You don't report it on your tax form. No, your down payment is not excluded from your taxable income. You can just deduct interest (including points when you buy a home) and real estate taxes.

Answer 2

You can own property without a down payment. There is 100% financing. Look into 80/20 loans which is a loan for 80 percent of value and another loan for 20 percent of value. I personally like to pay as little as possible to get into a piece of property and ride the appreciation and tax write offs while letting the bank deal with inflation. Everyone is different in the risks that they are willing to take. Some like the comfort of a fixed loan while others like the flexibility of an option ARM loan. Find an online mortgage calculator and find out how much your payments would be if you put 0, 3, 5 or 10 percent down. Good luck and I wish the both of you well. Regards

Answer 3

Real estate taxes (If you pay them through escrow) and interest on your loan are items that are reported to you on a 1098. You can use these items (depending on the amount) to itemize your deductions on schedule A of your 1040 return. Down payment is a non issue on your return and cannot be used to lower your taxable income.

Points may or may not be deductible on your return.

Answer 4

You can not deduct the down payment for your home on your income taxes. But you can deduct all of the mortgage interest tha you paid during that year.

Answer 5

The down payment on your home won't appear on your tax return. It's not an expense-it's part of the cost basis of your home.

Answer 6

I dont believe you can deduct your downpayment only points that you paid are deductable

Answer 7

downpayment doesnt appear on your tax return
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