Tax Deduction

[PAwoman]

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]

Originally Posted by PAwoman

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.