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California homeowners?

Posted by on Dec. 12, 2014 at 11:49 AM
  • 3 Replies

So my DH and I bought a house almost 2 months ago. It's our first home and I was just wondering how buying a home effects your taxes? Will I need to take anything specific when I go have our taxes done?

by on Dec. 12, 2014 at 11:49 AM
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OHgirlinCA
by on Dec. 12, 2014 at 11:53 AM

If you itemize your deductions, you can deduct the interest paid on your mortgage loan, PMI if you pay it, and your property taxes.  Take the paperwork that has all of that on it.  You should recieve a tax statement in January or February from your mortgage company with these items listed.

countrygirlkat
by Kathleen on Dec. 12, 2014 at 1:19 PM

 I have never lived in California but I know in Colorado we pay property taxes when we pay our mortgage payment so each year would we get something from the mortgage company at tax time and we would take it in and include it in our itemized deductions and would get more money back because of it. 

atlmom2
by Ruby Member on Dec. 12, 2014 at 1:23 PM

You can take the interest off on your taxes.  Of course you haven't paid much this year.  Next year it will be a lot more. 

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