Tax question on buying a house

[Lefty]

I bought a house over the summer and the mortgage company mailed me my settlement statement. She said I should ask a consultant if there is any tax benefit. Does anyone know if there is any?

 

[Beaver]

I know you can deduct the origination fee or points. Also upfront PMI fees.

 

[Linderbee]

Ummmm...are you a first time homebuyer?

 

[nathan]

Ask Antrel Rolle who his tax consultant is and hire them (and hope you don't get audited).

 

[Yuma]

A mortgage broker, or Realtor, cannot give tax advice! The mortgage broker was correct in reminding you to take that form to your tax person. When I bought a house in Yuma, may tax lady asked for that form and got me thousands of bucks back on my taxes for deductions she found on that form. Just take it in and have your taxes done by someone. It will probably be worth paying to have your taxes done!

 

[jw7]

Just take it in and have your taxes done by someone. It will probably be worth paying to have your taxes done!

Yes, that is kind of an odd question because tax advantages are one of the main reasons for buying a home.

Your mortgage interest and fees are deductible, and you may be entitled to a huge ($8K) tax credit if this is your first home. Moreover, it may push you over the standard deduction threshold and start to itemize other stuff like vehicle registration fees, charitable contributions, state taxes and a lot.

Get a tax preparer pronto.

 

[LVG]

Not to go completely OT, but I would recommend someone above a tax preparer.

I use a CPA (which is way over what I need), but he's fast, accurate, and does a really good job. I took some info to an H&R Block rep a few years back, and they missed over $2,500 that my CPA claimed.

Cost me about $150.