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income tax question

if you buy a house, do you get extra money on your income taxes for that year ?

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Anonymous

Asked by Anonymous at 12:13 AM on Jan. 14, 2011 in Just for Fun

Answers (4)
  • depends on when you buy it and if there is a credit still available for new home owners.
    DomoniqueWS

    Answer by DomoniqueWS at 12:14 AM on Jan. 14, 2011

  • If you buy a house you can claim the interest paid during the year and property tax paid to your municipality - you will need to submit and file an itemize deduction form along with your taxes.
    jojana807

    Answer by jojana807 at 12:41 AM on Jan. 14, 2011

  • No,there is no automatic payment for new homeowners.If you itemize deductions on the schedule A (file the long form),it is in most buyers' best interests to deduct the mortgage interest paid during the year.It usually results in a larger refund.If you're doing this for the first time I would have my taxes professionally prepared;it'll more than pay for itself.By the way,I was a district manager for H and R block and also taught their beginner and intermediate level income tax school courses.
    daye62

    Answer by daye62 at 7:32 AM on Jan. 14, 2011

  • If you qualify for the new home owners tax income break. I am not sure what is currently available.
    Aries46845

    Answer by Aries46845 at 8:24 AM on Jan. 14, 2011

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