AWW$HEEET Posted April 22, 2010 Report Share Posted April 22, 2010 When purchasing a home, what initial costs are you able to qualify as a tax deduction? Inspection? Closing costs? Down payment? Fees? Just trying to get my shit in line. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
RyM3rC Posted April 22, 2010 Report Share Posted April 22, 2010 Good luck man. I bought a home and H&R block said my costs weren't high enough to qualify. Closing costs, points, interest all count I believe. I paid about $5k if I recall (just off the top of my head). They showed me their little calculator and I was just a few bucks under the standard deduction, so I didn't itemize. I think that's right? Quote Link to comment Share on other sites More sharing options...
John Bruh Posted April 22, 2010 Report Share Posted April 22, 2010 When purchasing a home, what initial costs are you able to qualify as a tax deduction? Inspection? Free if you know the right people, or around $200 Closing costs? All banks differ most will be around $1500-2000 Down payment? Depends on how much you want your payment, if you want to pay PMI, if you can get a better rate at a better LTV, I put 15k down on mine. Fees? some will have a loan processing fee like chase which i believe was $250, a lot of local banks will not have this, as well as brokers. Like redbrick doesn't the guy i used was Shawn king (880-king) he didn't for my loan. Just trying to get my shit in line. Thanks in advance. fixed Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted April 22, 2010 Author Report Share Posted April 22, 2010 reading comprehension owns you. im talking tax deductions, not actual costs. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted April 22, 2010 Report Share Posted April 22, 2010 i fail. Did you buy a house gabe? Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted April 22, 2010 Author Report Share Posted April 22, 2010 i fail. Did you buy a house gabe? Its all good. Got a couple offers pending... All in Blacklick. Where you living these days? Quote Link to comment Share on other sites More sharing options...
John Bruh Posted April 22, 2010 Report Share Posted April 22, 2010 pataskala Quote Link to comment Share on other sites More sharing options...
Doug1647545489 Posted April 22, 2010 Report Share Posted April 22, 2010 Just your origination fee (points) and your interest. All other closing costs are normally not deductable. Quote Link to comment Share on other sites More sharing options...
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