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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