Home     Forum     401k     401k Rollovers     Crypto Forum
    Register   Login   Members   Search   FAQs     Recent Posts    



Is this tax deductable?

Reply to topic
Money Talk > Taxes

Author Thread
mopowers
Contributing Member


Cash: $ 9.25

Posts: 41
Joined: 03 Apr 2008
Location: CA
Is this tax deductable?  Reply with quote  

I bought my first house last year and just recieved my mortgage interest statement.

Which of these items is tax deductable?

1) mortgage interest
2) points paid on purchase of principal residence
3) mortgage insurance premiums
4) real estate taxes

I plan on having a tax consultant prepare my taxes, but I was curious when I opened this statement today.

Thanks!
Post Thu Jan 21, 2010 1:47 am
 View user's profile Send private message
mopowers
Contributing Member


Cash: $ 9.25

Posts: 41
Joined: 03 Apr 2008
Location: CA
 Reply with quote  

Thanks for the reply!

After a quick search, it looks like mortgage insurance premiums are deductible.

http://www.irs.gov/app/vita/advanced/20/20_05_030.html

Thanks again.
Post Thu Jan 21, 2010 8:55 pm
 View user's profile Send private message
oldguy
Senior Member


Cash: $ 751.85

Posts: 3656
Joined: 21 May 2006
Location: arizona
 Reply with quote  

All 4 are deductable. The PMI hasn't always been, the law was changed not so long ago, maybe in the 2005 to 2007 time frame?
Post Thu Jan 21, 2010 9:41 pm
 View user's profile Send private message
Raptor
Full Member


Cash: $ 14.50

Posts: 70
Joined: 15 Nov 2009
Location: Missouri
 Reply with quote  

I believe however only if you are itemizing, depending on your personal financial situation it still maybe a better deal to take the standard deduction. Since I have a modest house, the deductable expenses never exceeded past the standard deduction. In short, this maybe the case and if you take the standard deduction, then none of the items are deductible.
Post Fri Jan 22, 2010 9:05 pm
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      


Money Talk © 2003-2022

Crypto Prices