Tax Deductions?

Re: Tax Deductions?

• kaylie622 member

  

  May 2012

  There are some costs that can be written off for closing. Also mortgage interest and I think PMI. If you're talking about that big tax credit, that doesn't exist anymore. There are some deductions you can take for energy efficient home improvements, but that is also on a decline and I think the most you can deduct is $1K (maybe less).
  

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• lil_jen051708

  May 2012

  There aren't any credits for new homebuyers if that's what you mean. Like pp said, mortgage interest, sometimes PMI, and then also property taxes can be put on your taxes as deductions if it benefits you.  Other than that you can't write off supplies o improvements unless they are energy efficient (windows, doors, insulation) and the credit for those is super small (10% last year).

  

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• Juris11

  May 2012

  Mortgage interest payments and I think PMI can be deducted. Some closing costs as well. The title company told us to take our HUD to the accountant when we get our taxes done so they can deduct anything else that is appropriate.

  *This is not legal advice*

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• Sisugal member

  

  May 2012

  Remember that the amount of tax reduction will only be a % of the amount of the interest, PMI, taxes - not the full amount.  You need to itemize in order to claim them and not all home owners are able to itemize (low price of home with low interest rate and low taxes will not give enough to exceed standard deduction amount.)

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