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I am 70 bought my first home on October 14 2014. Retired in…

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I am 70 bought my...
I am 70 bought my first home on October 14 2014. Retired in November of 2014. Will I get any taxes back because of my home?
Submitted: 2 years ago.Category: Tax
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1/17/2016
Tax Professional: Christopher B, Esq., Tax Attorney replied 2 years ago
Christopher B, Esq.
Christopher B, Esq., Tax Attorney
Category: Tax
Satisfied Customers: 4,088
Experience: associate attorney
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My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

You will have to itemize your deductions but you will be able to deduct any interest you pay if you have a mortgage on the house. You will also be able to deduct

The IRS lets you deduct points in the year you paid them if, among other things, the loan is to purchase or build your main home, payment of points is an established business practice in your area and the points were within the usual range. Make sure your loan meets all the qualification requirements so that you can deduct points all at once.

You can also deduct property taxes. These taxes will be an annual deduction as long as you own your home.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

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