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Can You Claim a Down Payment on Purchasing a House on an Income Tax Return? You can claim a lot of tax write-offs when you buy a house, but your down payment isn’t one of them. That applies whether you’re buying your first home, a vacation home or an investment rental property.
Tips for Record Keeping. Keep your property tax bills or lender statements and your 1098, so that you can prove any deductions you take; you also should keep your own records as you make monthly payments. If you pay less than $600 in mortgage interest or mortgage insurance this year, for instance, the payments won’t show on your 1098,
· If you have purchased a home in the last year, you are going to want to make sure that you have remembered all the allowable home buying tax deductions. When taking out a mortgage to buy a home, there are certain home buying tax deductions.
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If you bought a main home during the year, it also will show the deductible points you paid and any points you can deduct that were paid by the person who sold you your home. See Points , earlier. The interest you paid at settlement should be included on the statement.
Rental Property as Business. If the house you bought is a rental property, you can claim taxes and points as a business expense. This works out well, as you can deduct them even if you don’t itemize. However, you may not be able to deduct rental losses from non-rental income – it depends how actively you manage your property.
That means you can deduct 1/30th of the points each year if it’s a 30-year mortgage-that’s $33 a year for each $1,000 of points you paid. In the year you pay off the loan-because you sell the house or refinance again-you get to deduct all the points not yet deducted, unless you refinance with the same lender.
· October and November are great months to go house hunting. December is usually sparse, market-wise, but if that fits your timeline, you could luck out. The benefits to buying a house at the end of the year include the following: If you close by December 31, you can deduct mortgage interest, property taxes, points on your loan and interest costs.