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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12023
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I just baught a house 2015. Im filing my tax now. What can i

Customer Question

I just baught a house 2015. Im filing my tax now. What can i claim for having a house
Submitted: 9 months ago.
Category: Tax
Expert:  Lane replied 9 months ago.

Hi,

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Mortgage interest and property taxes are the two most common.

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Also, if you paid points to get a better rate, IRS lets you deduct points in the year you paid them.

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If you use a portion of your home exclusively for business purposes, you may be able to deduct home costs related to that portion, such as a percentage of your insurance and repair costs, and depreciation.

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Your INVESTMENT iN the house will create a tax benefit when you go to sel, as the purchase price (plus any improvements you make along the way) will create your tax basis in the property.

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Please let me know if you have any questions at all.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be appreciated!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986