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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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Wed Feb 22, 2012
you can also ask the IRS, they are very helpful, goo luck,
0 votes
Don Groff, Agent, Austin, TX
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
0 votes
Bruce Lynn, Agent, Coppell, TX
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
Nanci Zimmer…, , Cedar Park, TX
Wed Feb 22, 2012
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

0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
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
Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
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
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