I purchased a home in October 2006. What are all the deductions I can take with this 1st home purchase?

Question

I know I can take mortgage interests, points, property tax. Anything else? Can I deduct sales tax?

Answer 1

The house purchase most likely enables you to itemize your deductions on Schedule A. Take advantage of deductions like mortgage interest, points, charitable contributions, state taxes paid, property taxes, unreimbursed employee expenses, investment interest, tax prep expenses and numerous other miscellaneous deductions.

Keep all your documents from the closing. Remember to also keep track of any improvements you make to the house in the future.

Answer 2

Sales tax on a house? That would be really unusual.

But if you itemize, you have the choice of deducting state and local income taxes, or sales taxes that you paid, whichever is higher.