i just bought a house?

Question

what can i take off on my taxes. windows doors, ac, etc? any help would be greatful. do i have to take my taxes to a professional since i did just buy a house in 2007.

Answer 1

If you replaced the doors and windows AFTER you bought the house with energy efficient replacements, you may qualify for the energy credit (maximum of $500). If you paid a builder to put these in during construction, they won't qualify.

Also, it's not unusual for the a new home to make no difference to your taxes for the first year. If you buy late in the year, you may not have enough itemized deductions to itemize.

Answer 2

You paid various fees to purchase the home so you should have some tax deductions. Take your closing documents to an accountant and have him do your taxes this year - he will look specifically for the "settlement statement"(or HUD). You can deduct mortgage interest paid in 2007 as well as all PMI (if you have it).

I do not know what you meant about physical items on the home. There are typically no deductions for those items since they were there when you bought the home. Some municipalities may give tax breaks for using energy efficient materials. Again, your accountant will know.

Answer 3

You'll be able to deduct interest (including points) and real estate taxes as itemized deductions on schedule A, and if your total itemized deductions is greater than your standard deduction, you'll get some tax benefit from them.

You might also be eligible for home energy credits, depending on exactly what you bought to update the home - see http://www.irs.gov/newsroom/article/0,,id=154657,00.html