Buying A Home
tickledpink1843
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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.
Closed on our home in Nov, will we have any tax deductions this year?
My husband and I closed on our first home November 8th. I am wondering what, if any, deductions we can take on our taxes this year. We don't pay our first mortgage payment until 1/1/12, so I know we can't deduct any interest paid. However, at closing they mentioned something about being able to deduct discount points. We received 2 points with our loan. We didn't personally pay them, they were given to us. We bought a new constructions so all closing costs were paid by the seller. We brought 0 dollars to the table at closing.
We're new to all of this so any advice/guidance is appreciated. Thanks!
Re: Closed on our home in Nov, will we have any tax deductions this year?
It depends on the points. If you didn't pay them, but they were compensated some other way in your mortgage agreement then yes, they can be deducted.
You can also deduct your PMI (usually paid in a lump sum for x amount of months upfront).
Your mortgage lender will send you a 1098 that lets you know exactly what you can use.
"Be the Lego Lady"
While you do not owe a payment till the first, you did pay interest at closing. Since you did not pay it yourself, you might not be able to deduct that.
The interest is what holds you over till your first payment.
Have you seen my monkey?
Yes, you will have deductions.
Review your closing statement b/c you probably made your first mortgage payment through escrow.
Also, all the costs of acquistion are deductible: closing costs, points, even some repairs necessary to move in (changing locks, moving expenses etc). If YOU paid the commission (not the sellers), that could be deductible.
All that being said, confirm with your accountant. Because I am not an accountant, that is far beyond my talents
Lighthouse State Beach, Santa Cruz.