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Paid cash for your home 119271.71 where does this amount go on your taxes for 2007?

Purchasing a house is not tax-deductible.You can deduct mortgage interest (which you do not have) and property taxes. If you received a property tax credit from the seller, which appears on the settlement sheet from your closing, you must net that against any taxes you paid during 2007. If there was any credit for taxes due in 2008, net that portion of the credit against property taxes you pay in 2008 to figure your deductible portion.


What tax implications will I face from purchasing a Real Estate Rental property?

Purchasing a rental property can be an excellent tax advantage, actually. YOu will be able to deduct most of your maintenance, repair, interest, taxes, and some travel expenses - similar to running a business, the costs of maintaing the home will be deducted from your actual rental income.


What will happen to your taxes when you own a home?

I think you can deduct your property taxes and the interest on your mortgage!


What will happen to your income taxes when you own a home?

I think you can deduct your property taxes and the interest on your mortgage!


What are taxes related to a home called?

Taxes related to a home are commonly referred to as property taxes. These taxes are typically assessed by local governments based on the value of the property and are used to fund public services such as schools, roads, and emergency services. Homeowners may also pay additional taxes, such as special assessments or municipal taxes, depending on their location.

Related Questions

What are the county taxes when purchasing a Colorado Springs home?

When purchasing a home in Colorado Srings, the county taxes depends on the type of home, size of lot and many other factors. The County Taxes are adjusted accordingly.


What taxes do you pay when purchasing a house?

When purchasing a house, you may need to pay property taxes, transfer taxes, and possibly capital gains taxes if you sell the house for a profit.


What tax benefits can you receive from purchasing a home?

Some tax benefits of purchasing a home include deductions for mortgage interest, property taxes, and certain closing costs. These deductions can help reduce your taxable income and potentially lower your overall tax bill.


What is the most important factor to consider when purchasing a home as a first-time buyer?

The most important factor to consider when purchasing a home as a first-time buyer is affordability. It is crucial to ensure that you can comfortably afford the mortgage payments, property taxes, insurance, and maintenance costs associated with owning a home.


What is the total amount of taxes that need to be paid when purchasing a car?

The total amount of taxes that need to be paid when purchasing a car includes sales tax, registration fees, and any other applicable local taxes.


Do you have to pay sales tax when purchasing a used older mobile home in Florida to leave on a lot in Florida?

Unless you pay the mobile home in one shot, you may be assessed sales and other miscellaneous taxes. Most times, however, the only taxes that are assesses are lot or property fees.


Which of the following accounts is an owner's equity account?

When purchasing a home with a home loan part of your mortgage payment will go to the equity account. The following would be used with an owner's equity account: paying property taxes and paying homeowners insurance.


What is the typical mortgage deposit required when purchasing a home?

The typical mortgage deposit required when purchasing a home is around 20 of the home's purchase price.


What is real estate taxes?

In Michigan if there is delinquent taxes on a home and property and an outsider pays the taxes do they take over title to the home and property.


When purchasing a car from a dealership are taxes paid to them or to BMV?

They collect on DMV's behalf and handle all that for you.


What are the release dates for Home Purchasing Club - 2006?

Home Purchasing Club - 2006 was released on: USA: 15 November 2006


Do you have to pay taxes on free rent?

not if you are renting free from the home owner the home owner has to pay taxes