If you have no mortgage on a first time home purchase, can you still use it as a tax write off somehow?

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  • If you have no mortgage on a first time home purchase, can you still use it as a tax write off somehow?


Answer #1 | 18/12 2013 19:54
If your other itemized items (property tax, state tax) are MORE than the standard deduction you can use them. Otherwise you get the standard deduction.
Positive: 65 %
Answer #2 | 18/12 2013 19:55
Only the property taxes. I have to "bunch" my taxes in order to use them. I itemize every other year and pay my property taxes every other year. My county helps out by having a window running from November 1 to January 31st to pay and not owe penalties or interest. I will pay this year's taxes in January 2014 and next year's taxes in December 2014. That way both ar in the same year and push me over the standard deduciton amount.
Positive: 59 %
Answer #3 | 18/12 2013 20:20
if you bought the house this year you can claim any points or interest you paid to buy the house and the property taxes if your itemizing deductions on your return.
Positive: 39 %
Answer #4 | 18/12 2013 21:22
You can claim property tax if you have enough deducttions to itemize. Chances are though that without mortgage interest, you'll take the standard deduction rather than itemize.
Positive: 7 %
Answer #5 | 18/12 2013 22:28
Yes. There is also a write off for the real estate taxes.
Positive: 10 %
Answer #6 | 19/12 2013 06:13
Property taxes if you itemize.
Positive: 10 %
Answer #7 | 19/12 2013 08:50
you have the property taxes you can claim on your Sch A
Positive: 10 %

Possible answer

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