Is the down payment for a new house tax deductible?
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.
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.
139122
There isn't specifically a "tax break" for a first time homeowner.  You do get to deduct your mortgage interest.  As far as moving, if you pass the checklist of questions, you should be able to deduct the specific items that the IRS will allow, i.e. mileage, and moving expenses if it was for your job.
41371
Yes, as an investment, pretty much anything you spend on the property is deductible (except capital improvements).
246716
yes they would.  the value of your new home would be taxed accordingly.  a rebuild is taxed higher, leave a wall up and its only a remodel, taxed lower.  But to be safe, check with the city.
880853
You asked questions that should be answered by qualified mortgage broker. If you are working with one ask him/her all of these questions and if you are not, than find some one in your area.  You should also consider talking to a financial planer, he/she will explain to you the benefits and pitfalls of investing your down payment.\n\nI would suggest that if you can afford making the payments for your new home without any financial hardship, invest the money into less risky investments. You will not get 10% as mutual funds would pay, but you may still be able to get good return on your money and have less risk involved. \n\nOne of the great benefits of home-ownership is having income tax deduction, which in the case of 100% or 80% / 20% financing would be substantial. \n\nDo not be afraid of PMI, if it would be a better deal for you to pay it (must have more info if it would be a better deal), you can always refinance at the later date when the property value will go up and you have 20% equity.\n\nYou can refinance both 1st and 2nd mortgage into one loan if it would make sense at the time.
626211
no.  the government is in the business of encouraging home ownership, not funding it.  the whole point of home ownership is to put some equity into something so you have a sense of connection to this massive pile of debt you've just bought.  if the government gave you the downpayment, what sense of connection is that?  you bought a house with the government's money and there's nothing keeping you from walking away.
143819
If you itemize your deductions, then your state taxes are deductible from your federal taxes.  Other common large deductions include real estate or property tax, interest on home mortgages, and (if you don't make too much money) the interest on student loans.
416059
Unfortunately not. But you can claim all sorts of things, including expenses relating to maintaining and upkeep of the home based on the same portion or percentage of your home that you use for business (office, and a washroom, living room for presentations, etc.) Here in Canada we can base that on how many rooms in the home we use for business or the actual floor space. It might be 4 rooms out of 8, which would be 1/2 and allow us to claim 1/4 of the homes heat, maintenance and mortgage or rent. \n\nThere's some good relevant Tax Reduction information out there - folks who keep up with the current laws that can help you out a lot just by researching their stuff.
120653
Generally speaking, the only item deductable as part of the purchase of your own, personal, residence, are the points paid to the lender in connection with securing a loan.  You may deduct these points whether you paid them, or even the SELLER paid them (or a third party) on your behalf.  The logic here is that the IRS views points as "pre-paid" interest.\n\nThese points are deducted in the year of the purchase.  On a refinance however, the points on your new loan, must be deducted over the life of the loan.  If you get a 30 year laon, you can only deduct 1/30 of the points you paid per year.  If you refi agian - any remaining amount of points you have not deducted yet (from the old loan) - are now deducted in the year of the refi.  Your tax advisor can give you more details.
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.
240267
it depend on the following \n1)was it a rental \n2)and was used for your personal residence\n\nif it was a rental the answer is yes it is considered income which is reportable to bothe state and fedral taxes \n\nknow if the property is for personal use and it is your residence and your sold to purchase another home than no but fedral taxes are stil owed unless your new home is valued more than the one you sold in that case you need to consult a tax lawer on them laws
1105985
You can deduct all expenses directly related to your rental property, even if it is not being rented.  It must be available for rent tho.  So if one moves out, any expenses you incur in getting it ready for the next one are deductible, which include cleaning, repairs, rental agency fees.  The mortgage interest, RE taxes and insurance too.  The appliances can be dedcutible at 100% (Sec 179) but will depend on your income.  Otherwise you will need to depreciate in over time.  The cost of the property can also be depreciated over 27.5 years.  Most tax computer programs can help you with these calculations.\nOne issue will be what you do with the property the other months that you are not renting it out.  If you are living there, then your rental property will have limitations.  Consult a tax accountant for more details.
742020
I think the answer is no, because your tax relief on the outstanding mortgage is greater than the interest paid.
923268
When you fill out the W-4 form, there's a worksheet to help you estimate the number of allowances to claim.  At the very least, you can have two--one for yourself and one for your child.  \n\nOnce you start making house payments, the taxes you pay out of your paycheck can be decreased because mortgage interest is deductible on your income tax return.  Be sure to look at your W-4 again in April or May and do the Deductions & Adjustments worksheet.
1082974
My husband and I were truly blessed we we bought our home. There is a program called Ameridream and if you are a first time homebuyer or a minority, the government will cover your downpayment. No gimmicks or paypacks. It was awesome. We saved 5k on the downpayment. We got an interest rate of like 6% and if we did a 80/20 the rate would have been 7.5%.
85232
No.  It is a personal use vacation home.  The good of selling your home is the gain on primary residences are not taxed...the bad is losses are not deductible.