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Many first time home buyers have questions about the home buying process. From credit scores to down payments, a lot of the financing side of buying a house can be overwhelming. Taxes are on of the major subjects many people question. Property taxes, estate taxes, tax deductions...it's a lot to digest. And all of this information leads many first time home buyers to ask: Are my mortgage loan payments tax deductible?
The short answer is no, not exactly. But we need to explain more than just a one-word answer. Because buying a home is one of the biggest ventures you'll ever face, you need to understand as much as you can about it. Keep in mind that AmeriFirst Home Mortgage is not an IRS expert, nor are we tax accountants or attorneys. Always consult a professional when looking at your specific situation. We'll cover the generic situation of buying a home and taxes.
How much of a break you get on your taxes will vary depending on certain factors. However the IRS has laid out solid rules. The agency also offers tax publications full of helpful information. Publication 530 “Tax Information for First−Time Homeowners” is thorough. Also consider Publication 936, “Home Mortgage Interest Deduction.” For quick reference, you can refer to Tax Topics 505 “Interest Expense” and 504 “Home Mortgage Points.” These publications often refer to local and state guidelines, so you should talk to a CPA to answer all the questions that arise from reading these materials.
Here are some basics:
You can learn more about the home buying process with the "Get Mortgage-Ready Kit" we published. The focus is specifically first time home buyers, but it helps any buyer looking to change homes. This article is an excerpt from that eBook, so if if you find it useful, be sure to download the full version. Get your free copy at the button below.
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