Deductions After Buying a New Home
by john on January 24th, 2011
Question: I own or just purchased a new home. What can I deduct on my tax return?
Answer: The most common deductions are as follows:
- Mortgage Interest. This includes interest paid on a first or second mortgage. You should receive a Form 1098 Interest Statement from each mortgage company that you deal with. Important: If you move or if your mortgage is sold or transferred, make sure that you have a Form 1098 Interest Statement for each company that you had a loan with for any part of the year.
- Mortgage Points. You can deduct mortgage points paid when buying a new home. You can deduct these points regardless of whether they are paid by you or the seller.
- Real Estate Tax. You can deduct Real Estate Taxes paid on your home. If you have an escrow account with your mortgage company, then the amount of your Real Estate Taxes paid will be on your Form 1098 Interest Statement received from the mortgage company.
- State Tax. You can deduct state taxes paid during the year. This includes the following: tax withheld on your W2 form, estimated taxes paid during the year, and previous year taxes paid during the year. Please note that Federal Taxes are not deductible.
- Property Taxes. Some states impose a tax on automobiles and other personal property. If the tax is based on the value of the property, then it is deductible.
- Other Taxes. This includes other miscellaneous taxes such as SDI which some states require employees to pay.
- Contributions by Cash and Check. You can deduct contributions you make to charities such as church and non-profit organizations.
- Contributions other than Cash. These include such items as clothes, appliances and furniture which are donated to licensed organizations such as The Salvation Army and Goodwill.
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