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Submitted 337 days ago...

mdd

mdd

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Another Tax Question

As a new homeowner in 2007, what tax advantages can I claim when I file my taxes?

 
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Submitted 337 days ago...

Jodi-Mesa

Jodi-Mesa

Brain (2,795)

You can deduct all of the interest that you paid on your home this year. Most people don't have enough deductions to itemize until they own a home (unless they have a business etc), but for the typical person, the first time they will itemize their taxes will be when they buy a house. So now you can claim any charitable donations, medical expenses (over 7.5% of your income) which can reduce the amount of taxable income that you have.

I always recommend going to a CPA when you have had changes during the year because they can save you a ton of money and find all of the deductions you qualify for. Then next year you can do it yourself if you feel comfortable.

 

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