simple question


¦

¦

Hi
Sometime this year I will be purchasing my first house. Can anyone advise me
as to what is deductible for first time home owner? percentage of mortgage?
home improvement, fuel etc.
If I'm posted in the wrong group please direct me to the appropriate one.
thanks
Pete
P§³
 
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D

Duane Bozarth

¦ said:
Hi
Sometime this year I will be purchasing my first house. Can anyone advise me
as to what is deductible for first time home owner? percentage of mortgage?
home improvement, fuel etc.
If I'm posted in the wrong group please direct me to the appropriate one.
thanks
Pete
P§³
For personal dwelling, only mortgage interest and taxes paid during the
tax year are deductible. Closing costs hidden as "points" may be.
Maintenance and repairs are not tax-deductible, nor or operating costs.
<IF> you operate a home-based business in a portion of the dwelling, you
can prorate costs on the basis of the <dedicated> area used relative to
total area. All of these rules are outlined and easily accessible at
the IRS web site or in free publications widely available.
 
?

_

It would be a good idea to mention the country and state or province.
Most readers will assume you're in the US, but why make us guess or assume?
 
J

Janice Davis

The only things that you can itemize for deductions on tax filings for your
purchased home in which you dwell is property tax and interest paid on the
home during the year.

Home improvements can only be deducted from rental properties (i.e.
properties you own that you rent out) Likewise, on rental properties, you
cannot deduct property taxes.

This is in the US, I don't know anything about other countries.

Janice
 
¦

¦

Ok,
New York state, Long Island either county.
Thanks,
Pete
It would be a good idea to mention the country and state or province.
Most readers will assume you're in the US, but why make us guess or assume?
 
L

Lyn Friis

Wherever did you get the idea that you cannot deduct real estate taxes on
rental properties?

You most certainly can. It is one of your bigger deductions.
 
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J

Janice Davis

Oops!! Had a slip of the brain. Truly I was thinking about something else,
which caused me to remember wrong. I remember what is now. Homestead
exemptions can only be taken on one property that you own. At least that is
what my parents were told.
 
¦

¦

What about items before you buy a house? appraisals, inspections, insurance
etc.
Thanks
Pete
 
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J

Janice Davis

You cannot deduct any form of insurance on your home. Appraisals and
inspections and other items associated with the process of buying the home,
for the most part, are included in your closing costs, unless you prefer to
pay for them out of pocket. In most cases, the seller usually pays for the
appraisals and inspections on the home they are trying to sell. However, I
am not real clear if any closing costs can be deducted on your taxes. Have
you tried doing a dogpile or google search?

Janice
 

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