I am purchasing a house and I close in Dec. of this year. will this effect my taxes?
2007-09-22 11:15:52 · 3 answers · asked by Jbaby 2 in Business & Finance ➔ Renting & Real Estate
Yes you will be able to deduct any points paid, any prorated taxes etc against your income. Tis a good thing
2007-09-22 11:41:35 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
No, but it will affect your taxes.
Assuming you make a loan payment during this calendar year, the interest is deductible. If there were any kind of up front fees, those may be deductible also.
Of course, you have to have enough deductible charges to make it worth your while to itemize. Otherwise you can't deduct. Only you know the answer to that.
And then there's state taxes.
2007-09-22 11:29:54 · answer #2 · answered by OR1234 7 · 0⤊ 1⤋
Yes.
Many of your closing fees are deduct-able. Contact a CPA to help determine which ones they are.
2007-09-22 11:41:23 · answer #3 · answered by linkus86 7 · 0⤊ 0⤋