can i deduct any points even if i did not pay points on my first home purchase ?
367696
you can file whatever you want. you just have to be able to prove it if you get audited. Thing is, if you didn't pay points, why do you think you can deduct it from your taxes? if you don't have a home office, why do you think you can deduct home office space? If it's not there, it's not there. But reporting incorrectly is your choice.
734853
Yes actually you can. My roommate and I got an apartment with NO credit. You simply have to make the security deposit, plus first and last month's rent in most places. Talk to the manager and be upfront about it. You can also use a co-signer...Someone who trusts you and will let you use their credit.
695766
First of all, if it is only you, you can not claim Head-of-Household.\n\nMost deductions available to the average taxpayer are at the bottom of page one of the 1040 and on Schedule A.\n\nWithout knowing more about your situation, if you claimed three all year and do not own a house, you are going to owe.
424608
Here's the beginning of the answer: "The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home."\n\nThat comes from IRS Publication 530; you can look over the whole document at the link below. It has more complete explanations.
355256
At this point, no.\n\nI think your understanding of how it is handled is incorrect.   Assuming you use the house as your personal residence for two of the last five years, you can deduct up to $250k of capital gain if you file anything except MFJ.  If you file MFJ, then you can deduct up to $500k.\n\nIf your basis is $500k, file single, and sell the house for $750k, the gain isn't taxable.  Any amount over $750k would be taxed as long terms capital gains.
193792
Possibly because you haven't been paying the minimum interest payments. I know on my interest only mortgage, they allow me to do this without penalty, essentially increasing my principle each month. They actually highlight an amount on my statement that is less than my interest, trying to trick me into paying less today. It's all part of the scam. Read your statement carefully and pay more than just the interest due.
816976
Your downpayment is not deductible, however, any mortgage interest, discount points, and property taxes that you paid at closing are.deductions you may take on yor Schedule A thereby reducing your taxable income.
341443
Go to the local Tax Assement.  Unpaid taxes get taken out of the sale of a house at closing and can go on for years so you might not be able to motivate some people to sell that way.  I think it all depends on what city you are in.
859551
If it's a dispute, Yes.\n\nIf you've been billed for something you did not buy, you can dispute it.\n\nThen, there's a small procedure to ensure you're right, but then,  you don't need to pay.\n\nHowever, if you don't have any grounds, it's a cognisable offense that you don't pay.\n\nIf you're having financial problems, the Credit Card Companies and your Bankers will be glad to help and I suggest that you take it.\n\nHave a nice day.
349198
Under the I T Act, yes you can claim benefit given to an individual if for reason of occupation he can not reside in the home he purchase. You can definitely allowed to have Interest deduction on loan borrowed.
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).
431724
just go get a realtor, I had no credit and now I have a brand new house, with no money down none the less. I make good money which helps out alot.
409643
Property taxes and mortgage interest payments are tax deductible. If you have an office in your house that meets the federal requirements (discuss with your accountant), you can figure out the square footage of the office compared with the total square footage of the home and you can take that percentage of the cost of utilities, repairs, etc. off your taxes.
662555
Contact your real estate broker, they're usually experienced with things like this.\n\nMy understanding is that usually there's a clause in the selling agreement that if the buying party can not full fill the payment required the transaction may be canceled.
846281
It is deductible:  I love this article that was posted on the bankrate.com site.\n\nHome sweet homeownership tax breaks \nBy Kay Bell • Bankrate.com   \n \n\nCongratulations, you've just taken another step up the American-dream ladder and are a homeowner. Along with the joy of painting, plumbing and yard work, you now have some new tax considerations.\n\nThe good news is that you can deduct many home-related expenses. These tax breaks are available for any abode -- mobile home, single-family residence, townhouse, condominium or cooperative apartment. \n\nThe bad news is that to take full tax advantage of your home, your taxes will likely get more complicated. You're not living on "EZ" Street anymore; you've moved to the 1040 long form and Schedule A, where you'll have to itemize deductions. \n\nFor many homeowners, the effort of itemizing is well worth it at tax time. Some, however, might find that claiming the standard deduction remains their best move. How do you decide? First, find your standard deduction amount, based on your filing status: $5,000 for single or married filing separately taxpayers; $7,300 for heads of households; and $10,000 for married couples who file joint returns. Then compare it to the total expenses you can itemize and file using the method that gives you the larger deduction.\n\nTo help you figure your possible Schedule A tax breaks, here's a look at homeowner expenses you can deduct, ones you can't and some tips to get the most tax advantages out of your new property owning status.\n\nMortgage interest\nYour biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that check goes toward interest. And all that interest is deductible, unless your loan is more than $1 million. If you're the proud owner of a multimillion-dollar mortgaged mansion, the Internal Revenue Service will limit your deductible interest.\n\nInterest tax breaks don't end with your home's first mortgage. Did you take advantage of low rates and your real estate's growing value to pull out extra cash through refinancing? Or did you decide instead to get a home equity loan or line of credit? Either way, that interest also is deductible, again within IRS guidelines. \n\nGenerally, equity debts of $100,000 or less are fully deductible. But even then, the remaining amount of your first mortgage could restrict your tax break. This could be a concern if you excessively leverage your house. \n\nWhen a homeowner takes out an equity loan that, when combined with his first mortgage amount, increases the debt on the house to an amount more than the property's actual value, the homeowner faces additional deductibility limits. In these cases, the IRS says you can deduct the smaller of interest on a $100,000 loan or your home's value less the amount of your existing mortgage.\n\nFor example, you bought your home three years ago with a minimal down payment. Your mortgage balance is $95,000 and the house is now worth $110,000. Your bank says you qualify for a 125 percent loan-to-value equity line, or $42,500 ($110,000 x 125 percent = $137,000 - $95,000 left on your first mortgage). To pay for your daughter's college tuition and buy her a car to get to school, you take the bank up on the offer, thinking the interest deduction on the loan would be icing on the tax-break cake\n\nHowever, you're not going to get to deduct all that interest. Instead, your deduction is limited to interest on just $15,000 of the loan; that's the amount your home's value exceeds your first mortgage. Interest payments on the other $27,500 are not deductible, even though the equity line is secured by your home. So don't automatically assume you can deduct all interest on home equity debts.\n\n- advertisement - \n \n \nWhat if your real estate circumstances are a bit brighter? Say, for instance, you're able to swing a vacation home on the l
165320
I need more information from you to get a more accurate picture of your situation.  What is the worst thing on your credit report?  How is your other payment history (credit card, car, etc?).  Your house payment is always on time (a good thing!), but more information is needed.  If you'd like free no obligation consultation you can fill out an application on my website, email me, or give me a call and I'll answer any questions you have.
743638
Only if you are a first time home buyer, then you can use IRA funds without penalty (see http://www.irs.gov/taxtopics/tc558.html ).  \n\nBest wishes.