I know that the interest component of my mortgage payments are tax deductible - is Property Tax also tax deductible ?
I'm looking for a Townhouse. What else is tax deductible - the monthly maintenance, home insurance, anything components from closing costs ?
Real estate gurus - Pls advise
2007-07-18 08:46:48 · 12 answers · asked by KayBeeDee 1 in Business & Finance ➔ Renting & Real Estate
Yes it is :) and so is the interest you pay on the mortgage.
Good Luck
2007-07-18 08:48:57 · answer #1 · answered by Bad Girl 3 · 0⤊ 0⤋
Yes, property taxes are deductible. Points, if you pay them are also deductible. The other items are not deductible. Keep track of money you spend on improvements and the other items from the closing. Don't ever throw out the closing documents. If you have a capital gain on the house when you sell you will be adding some of those items to your cost basis to minimize your profit.
2007-07-18 08:51:17 · answer #2 · answered by Dee 4 · 0⤊ 0⤋
Property Tax, Insurance, Mortgage Interest Payments, on Federal Return - State Sales Tax if you itemize, Repairs.
2007-07-18 08:50:13 · answer #3 · answered by rb_cubed 6 · 0⤊ 0⤋
Your real property taxes are deductible. These will be deducted on your Schedule A as an itemized deduction presuming this is your personal residence.
You should also be sure to deduct any property taxes you pay in escrow on the purchase. These can be found on the escrow documents themselves.
eTaxrelief.com
2007-07-21 12:03:17 · answer #4 · answered by Chris J, President at eTaxrelief 2 · 0⤊ 0⤋
Your property tax payments are deductible on your Federal Schedule A as is your loan fee and any discount paoints paid for which the lender will supply you with a 1099.
2007-07-18 08:49:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Primary Residence?
If so, interest, property taxes and the points you paid are deductible on the Schedule A.
Other items such as maintenance, insurance and most of the closing costs are not.
2007-07-18 08:50:13 · answer #6 · answered by Wayne Z 7 · 0⤊ 0⤋
Real estate taxes on your primary residence are deductible -- if you itemize your deductions.
If you rent out a property r/e taxes & all other rental & manitenance expenses are deductible from rental income.
2007-07-18 08:52:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Taxes yes, monthly maintenance no, insurance no. Points paid in closing yes. Having kids yes,
2007-07-18 08:50:31 · answer #8 · answered by Pengy 7 · 0⤊ 0⤋
Only if you itemize.
Points paid by you at closing are deductible.
Maintenance and insurance are not. The remaining closing costs (origination fees, appraisals, etc.) are not.
2007-07-18 08:49:47 · answer #9 · answered by sortaclarksville 5 · 0⤊ 0⤋
Yes, if you itemize your taxes. You can also add, interest on your mortgage, and state income taxes, among others.
2016-04-01 00:22:24 · answer #10 · answered by ? 4 · 0⤊ 0⤋