I put down payment for new house in 2007 ( to be used as primary residence), and the house will be closed in 2008. I will have to still pay additional money as part of the closing.
The question is for tax purposes, can i write down the down payment this year, or do i write down the whole down payment in 2008, which would have combined payments from 2007 and 2008.
2007-12-25 17:11:37 · 2 answers · asked by Kalicharan 1 in Business & Finance ➔ Personal Finance
Your down payment is not tax deductible.
For a primary residence you can only deduct interest paid on the mortgage/land contract and taxes.
Until you own the home, there are NO tax write offs or consequences.
2007-12-25 17:47:42 · answer #1 · answered by Gem 7 · 1⤊ 0⤋
Very little of your closing costs are deductible and NONE of your down payment is deductible any way.
2007-12-26 03:26:35 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋