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Tax Deduction

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PAwoman

Junior Member
We live in PA. Bought our first home in June. We spent virtually all savings on a down payment, and we are cash strapped. I am aware that points and interest paid are deductdible. Is there anyway to claim any type of deduction on Fed tax return for down payment or deposit monies. We borrowed $175,000 and put down approx $12,000.
 


anteater

Senior Member
PAwoman said:
Is there anyway to claim any type of deduction on Fed tax return for down payment or deposit monies. We borrowed $175,000 and put down approx $12,000.
No, that is your equity in the house. It is not tax dedutible.
 

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