Home Buying in 79720>Question Details

Bubschumpert, Home Buyer in 79720

i bought a home and paid cash in 2011. Can i deduct anything from income taxes?

Asked by Bubschumpert, 79720 Wed Feb 22, 2012

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6
you can also ask the IRS, they are very helpful, goo luck,
0 votes Thank Flag Link Wed Feb 22, 2012
Check with your CPA for the right answers for your specific situation. You should definitely be able to write off your property taxes paid. You may also be able to write off some of your closing costs. Bring your final HUD1 to your CPA and they can give you a more definitive answer.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Wed Feb 22, 2012
Check with your CPA, but right now you should be able to deduct some real estate taxes if you pay those.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Feb 22, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Since you paid cash - there won't be any prepaid interest. The only thing you can deduct is the real estate taxes. But check with a CPA to make sure.

Best of luck

Nanci
0 votes Thank Flag Link Wed Feb 22, 2012
Give your HUD-1 to your CPA.

Usually it is only prepaid interest.... and it doesn't add up to much.
But certainly worth a shot....
0 votes Thank Flag Link Wed Feb 22, 2012
Property taxes, if you have other deductions that you could take that would exceed your standard deduction.
I suggest you contact an accountant.

Barbara Coker
NMLS#228545 Licensed Mortgage Loan Officer
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Wed Feb 22, 2012
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