Buying A Home
Stioffan
newb
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Taxes and my first home
My question has to do with taxes and the timing of buying the home. Everything is in order and I have down payment and financing and owner is ready whenever I am. I will be an owner occupant. 2 apartments in old victorian home. One apartment is rented and I currently live in the other and have for the last 2 years. I will be taking a standard deduction on my taxes being single head of household. If I purchased the house now would there be any benefit tax wise with only six weeks left in the tax year? Or should I just wait until after the holidays? I don't think there is enough to put me in the itemized deduction category. Being new to home ownership, I'm not sure what the tax scenario will look like.
Re: Taxes and my first home
I would wait and buy the house in January -
You need to itemize in order to take the tax advantages home ownership offers on the Federal level.
Janine & Cody | Georgetown, Grand Cayman | Feb. 28th, 2012
Surprise BFP | Baby Due Late July/Early August 2013
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