Will buying a home affect our 2014 tax returns?

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  • Will buying a home affect our 2014 tax returns?


Answer #1 | 19/12 2013 21:48
You can deduct the interest on the mortgage for the months you paid it and maybe some closing costs including interest and maybe some taxes. This will reduce your tax liability by a bit.
Answer #2 | 19/12 2013 22:18
vary little . visit a library for books on doing your taxes. learn b4 getting burned by taxes.
Answer #3 | 20/12 2013 03:58
You will be able to deduct the interest and property taxes you paid in 2013. Your lender will send you a form 1098 in January showing the amounts they have reported to the IRS, and you can deduct those on Schedule A of your return. Note that they typically will not send out a 1098 if you paid less than $600 interest for the year. Closing in October you may have run over that amount unless you have a small loan amount and low interest rate. If you do not get a form, simply call their customer service and they will give you the amounts to deduct over the phone.

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