If I pay $10K in fed income tax and I pay $10K in mortgage intrest and prop tax, is all 10K deductable?
103705
You do not receive dollar for dollar back from the government from paying your mortgage interest.  You get to adjust your gross income by subtracting the interest paid from your gross wages/tips/other income.\n\nIf you worked 1 job and had no other income and you made $50,000 then you can subtract the $11,000 from that making your Adjusted Gross Income (AGI) $39,000.
657333
Generally you can't deduct the expenses related to purchasing a house, except any points paid.  The extra expenses would be added to your basis (the book value of the property cost+expenses-selling costs) of the house.  You should be able to take a loan from your 401(k) without penalty, you just have to make the payments to the 401(k).
949736
I'm an accountant.  You can easily do your taxes yourself.  Now that you have a home you'll probably be itemizing your deductions.  You can now deduct your mortgage interest, property taxes, state income taxes, if any, and charitable contributions.  I use TaxAct.  It's really easy.  All you have to do is answer the questions and fill in the information.  And it's pretty inexpensive.  I think I paid $15 to file both Federal & State last year.  Don't use a professional.  They'll charge you a couple hundred dollars AND they'll use the same kind of software as TaxAct or TurboTax.  Good luck.
1071060
I'm not sure about your question--which is better?\n\nWhen you have a mortgage, early on the bulk of the payments are interest, and you can deduct that amount on  your income tax.  A good deal.
751330
im assuming youre talking about the sales tax added to each monthly payment.  if so, you are NOT allowed to deduct this amount as an itemized deduction on schedule A.\n\nfor 2006 you are no longer allowed to deduct sales tax instead of state and local taxes paid.\n\nthe only taxes you are allowed to deduct are real estate taxes, state and local taxes paid and foreign tax.
254572
On a Federal level:\nREMIC (Real Estate Mortgage Investment Conduit) income will be reported by your financial institution (to you & the IRS) in the form of Interest and/or OID (Original Issue Discount).  Both are taxed at the same rate and should appear on an IRS Schedule "B," that should be included with your Federal (1040) tax return.
31570
Yes you can. Check with a financial planner and or an accountant though. Depending on your income you may not qualify for a deductible ira or a roth ira.
552639
no, because in most areas, the prop tax assessment is capped to match the rate of inflation, a transaction of property releases this cap and allows the assessment to match the sales price of the property.  This means that you could possibly end up paying higher prop taxes on a similar property even if the new house/old house were the same price
233150
If you are able to itemizes your deductions when filling your personal income tax any money withheld or paid in the year in question is deductible.
903095
Andreas is correct.  Matt K is confused.  Below the line means after AGI (adjusted gross income).  Some deductions are limited based on AGI.  Deductions not limited by AGI do reduce taxable income dollar for dollar.  Mortgage interest is not reduced based on AGI.  The only limit that may apply is a limit on overall itemized deductions if your AGI is greater than $150,500.  There is a limit on deductions if your mortgage is greater than $1,000,000 or more than $100,000 was used for purposes other than to buy, build, or improve your home.  If this applied, your interest would probably be more than $7600.
1177795
Use a Schedule A on a 1040.  Not 1040EZ or 1040A.  Add up all your medical bills and health insurance premiums.  \n\n1)Multiple that amount by 7.5% of your AGI (last line of 1st page of 1040).  \n\n2)Add your real estate interest, your real estate taxes, personal property taxes.\n\n3)Add up everything you gave to charity.\n\n4)Add up your casualty and theft losses (MUST use form 4684).\n \n5)Add up Job expenses and other misc expenses (use form 2106).  Multiple that amount by 2% of your AGI.\n\nIf those amount equal over a certain amount, use can deduct the property tax on your fedal return.\n\nFor 05, I think those amounts are $10K MFJ\n$7500 HH or QW\n$5K S or MFS\n3)
84579
Standard form 1040, and yes...loss of sale of any asset is deductable.
230370
no. state tax is deductible on federal. federal is not deductible on state or federal.
726088
You can deduct state, local, and foreign real estate taxes on ALL real estate you own.\n\nYou can deduct mortgage interest on ANY two homes you own.  You can only deduct mortgage interest on the first $1 million (total) of loans used to buy, build, or improve your home and only on the first $100,000 of other mortgage loans (home-equity).  If you think you may be over these amounts, or if you want to investigate further, I suggest reading the attached publication from the IRS.
188619
If you live in the US, you get a tax break in this country.\n\nChances are all of you Home Equity intrest will be tax deductable. There are caveats so consult a CPA.
812162
Yes you will have to pay. It is not your primary residence. However, you could defer the taxes through a 1031 exchange and purchase a similar property and not pay taxes right away. This probably won't help you because you want to pay down your mortgage though.
378795
not if you are looking at as a "deduction"\nit's a flat rate up to a ceiling, based on taxable gross income. best way to reduce it is, pretax deductions (401, pretax med insurance, fsa, etc)