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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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is a down payment on a home,fully tax deductible

Customer Question

We just won one million dollars and the taxes are around 400,000. We want to purchase a new home and if we use the 400,000 as a down payment(tax of the 1,000,000)can we write it off as a tax deduction. Instead of giving it all to uncle Sam
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

No, the down payment on a home is not tax deductible. I suggest that you find a competent attorney, financial planner, CPA, or other financial advisor to assist you with money management, including tax planning. If you are not accustomed to having that much money, having it suddenly can get out of hand in a hurry. Better to have someone knowledgeable assist you so that you don't wind up with nothing later on.


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Customer: replied 11 years ago.
Reply to Jon Andrews's Post: Thank you for your help, because I was under the impression that a down payment for a home was tax deductible.

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