I don't know if anyone can help me or not, but I recently purchased my first home and am wondering a couple things about tax deductions. I built a new in 2001, paying my 5% down payment in March. I then paid the closing costs in October. I only paid one mortgage payment (in December). Is any of this tax deductable? I know mortgage interest is, but do you have to pay a full year's worth of payments in order to deduct it? This is all new to me, so I thought I'd try to find out some info before going an accountant. Thanks for the help.
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Hello,
The interest you paid on that one month's payment is deductable, as well as any "points" you paid, as points are considered prepaid interest. Of course, all this only applies if you itemize (use the long form).
You should have your taxes done by a professional just this once to find out how it's done or get a book on the subject.
You should have your taxes done by a professional just this once to find out how it's done or get a book on the subject.
[This message has been edited by rpxlpx (edited January 07, 2002).]
