J
JoBarry
Guest
What is the name of your state? Arizona
Forgive my ignorance but I am a first time homebuyer and this year's tax returns are going to be a headache. My question is: Are points that you purchase towards your house tax deductibe? What makes this more confusing is that under the loan program I got the bank put money towards my closing costs, so essentially that paid part of the point. However, I believe that the amount they put forth was then added to my loan amount. The only closing costs I actually had to pay was towards my mandatory homeowners insurance policy. So, since I didn't actually pay up front for this can I deduct it? Also, what other deductions should I look out for on a home purchase? I did receive my mortgage interest statement but so far I am clueless as to what else I should be looking for.
By the way, this was a convential loan (not FHA or HUD) if that makes a difference. Thanks in advance for any advice. Joanna.
Forgive my ignorance but I am a first time homebuyer and this year's tax returns are going to be a headache. My question is: Are points that you purchase towards your house tax deductibe? What makes this more confusing is that under the loan program I got the bank put money towards my closing costs, so essentially that paid part of the point. However, I believe that the amount they put forth was then added to my loan amount. The only closing costs I actually had to pay was towards my mandatory homeowners insurance policy. So, since I didn't actually pay up front for this can I deduct it? Also, what other deductions should I look out for on a home purchase? I did receive my mortgage interest statement but so far I am clueless as to what else I should be looking for.
By the way, this was a convential loan (not FHA or HUD) if that makes a difference. Thanks in advance for any advice. Joanna.