Do you have questions about the property tax deduction and the new tax plan? We have gathered the latest information on whether you can.
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Buying your first home is a huge step, but tax deductions available to you as a homeowner can reduce your tax bill. Tax breaks ease the cost of mortgage Buying a home is when you begin building equity in an investment instead of paying rent.
I bought my primary residence in 2006 for 321k then sold it in November 2015 for 298k, filing married and separate. I just bought a new house in February 2016. I was informed by someone that because I bought my new house in 2016 (less than 6 months from the sale of my previous home) that I would be able to have a tax break.
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The gain from your home can be tax-free up to $250,000 if single or $500,000 if married. For more information about this exclusion and requirements to claim the exclusion, IRS Publication 523 "Selling Your Home" is a great place to start your research. One last thing to keep in mind: always keep your receipts!
If you bought a home this year, you may have a few new deductions! Obviously, mortgage interest is a major deduction. Additionally, if there were "points" paid in connection with getting your loan (even if they were paid by the seller), then you may be able to claim a deduction in the year they were paid.
last year we bought and sold a house, what expenses can i claim on my federal income tax. i know i can claim the real estates taxes paid and closing costs when i purchased the new house, is there anyt. read more
Anyone who buys or sells a home can deduct partial-year taxes on a federal income tax return.
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Mortgage Interest. You can deduct all the interest you pay on your home loan, up to $1 million in debt. You also can deduct interest on a second mortgage or home equity loan or line of credit, with a limit of $100,000. You don’t even have to use that money for your home but can use it to buy a car or boat and still claim the interest deduction.