Home Buying in 07739>Question Details

Laurie, Home Owner in Atlantic Highlands, NJ

Does it affect my taxes if I purchase my first home in the beginning of the tax year or the end?

Asked by Laurie, Atlantic Highlands, NJ Sat Apr 10, 2010

My husband and I are looking to purchase our first home this year (2010). We're wondering if there will be a tax difference if we purchase the home earlier in the year opposed to the latter part of the year?

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Answers

5
Laurie,

Did you have any luck in finding your dream home? I hope so but if not I will be happy to start loking for you.
0 votes Thank Flag Link Mon May 19, 2014
Thank you Marita. We are trying...hustling :-)
0 votes Thank Flag Link Sun Apr 11, 2010
One more thing, Laurie. To get the tax rebate - 10% of the sale price up to
$8000, you MUST be under contract by the LAST DAY OF APRIL. No
mortgage interest deductions are going to give you back $8000.

Another reason to buy NOW.

Best of Luck,

Marita
Assoc Broker
Indianapolis area
0 votes Thank Flag Link Sun Apr 11, 2010
Thank you so much! You answered my question perfectly. I really appreciate it.
0 votes Thank Flag Link Sat Apr 10, 2010
I am assuming you mean a difference on your personal income taxes. If so, Yes, the portion of each month's payments that are tax deductible (mortgage interest, property taxes, etc.) will multiply by the number of months that you were in the home. Check with your tax preparer for the deductibility of your closing costs, too, And this year's big bonus of the Federal tax credit mean 2010 will make this a big year for new homeowners. Best of luck to you.
0 votes Thank Flag Link Sat Apr 10, 2010
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