How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

I live and work in New York, bought a house in Florida last ...

Resolved Question:

I live and work in New York, bought a house in Florida last year, what are my expected deductions?
Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.
Is this your second home? or an investment home that you are going to rent it out?
Customer: replied 9 years ago.
This is my first home, and I am still pondering whether I should rent it out. Had originally intended to move to FL, but changed my mind.
Expert:  RD replied 9 years ago.

If this is your primary residence-

You can deduct PMI subject to limitations discussed below as itemized deductions. You can also deduct the pro-rated real estate taxes and points that you have paid on the closing statement. You cannot deduct attorney fees, title insurance, title fees, stamp fees etc.

Note that Premiums that you pay or accrue for "qualified mortgage insurance" during 2007 in connection with home acquisition debt on your qualified home are deductible as home mortgage interest. The amount you can deduct is reduced by 10% (.10) for every $1,000 ($500 if your filing status is married filing separately) by which your adjusted gross income exceeds $100,000 ($50,000 if your filing status is married filing separately).

Here is a link to various deductions available-


Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.



RD and other Tax Specialists are ready to help you