mopowers
Contributing Member
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Location: CA |
Is this tax deductable? |
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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!
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Thu Jan 21, 2010 1:47 am |
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mopowers
Contributing Member
Cash: $ 9.25
Posts: 41
Joined: 03 Apr 2008
Location: CA |
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.
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Thu Jan 21, 2010 8:55 pm |
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oldguy
Senior Member
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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?
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Thu Jan 21, 2010 9:41 pm |
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Raptor
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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.
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Fri Jan 22, 2010 9:05 pm |
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