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3 Answers

Tax Deductions For Buying Home?

Asked by: mgates 2705 views YA Discussion

We bought a home in 2012. We sold our 1st home of 35 years to buy the home we currently live in.
My question is, other than interest on the loan, are there any other deductions that I can claim that relate to the sale of the old home or purchase of the new home. We had expenses to get the old home up to code and we did have down payment and closing costs related to purchase of the new home.

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3 Answers

  1. superj300 on Feb 11, 2013 Reply

    Mortgage interest on the loan, as you mentioned, is deductible. Property taxes are deductible, as is mortgage insurance premiums. Points paid on the new loan are deductible but must be amortized.

    If you had a gain on the home, you can exclude up to $ 250,000 of the gain if the home was your primary residence for 2 out of the last 5 years, up to $ 500,000 if you are married and the same is true for both of you. If you incurred a loss on the house, it is NOT deductible.

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  2. Wayne Z on Feb 11, 2013 Reply

    Not really.

    Expenses related to the old house: No.
    Down Payment: No.
    Closing Costs: Mostly….No.

    The only deductions are:

    1) Mortgage Interest
    2) Points Paid
    3) Property Taxes
    4) PMI

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  3. Pascal the Gambler on Feb 11, 2013 Reply

    Interest and property taxes, also PMI if you pay it. Points if you paid points.

    Renovation costs no, closing costs no (except points), down payment of course not.

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