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First time home owner. What all Deductions can be claimed ? (1 viewing)
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TOPIC: First time home owner. What all Deductions can be claimed ?
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PaulaC (User)
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First time home owner. What all Deductions can be claimed ? 2006/09/26 12:35 Karma: 0  
I am a first time home owner. In addition to the tax deduction for mortage interests and points what credits and deductions I can get. Is there any special care like record keeping,etc which I should take so that I won't miss out some credits or deductions.
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JeffGold (User)
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Mortage interests and points you pay are major ones 2006/09/27 10:59 Karma: 0  
Mortage interests and points you pay are major tax deductions you get when you move a home. Also some states offer special credits like home heating credits, mortgage credit , etc.
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linluv2000 (User)
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Tax brakes for owning a home 2006/10/04 09:54 Karma: 0  
Well, owning a home does provide many tax breaks. You can write off the interest you pay on your loan and the property taxes you pay. Also, if you get a home equity line of credit against your home, you can the write all the interest off of that too. But, a home also has other expenses like maintentance costs, and utilities costs, etc. which you can't deduct.
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