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@Wovenyarn wrote:
As I'm preparing to close on my house right now I was wondering about tax breaks for this year. I was thinking that there really wouldn't be any until next year since my first mortgage payment won't be due until November.
So, when you buy a house (as I understand it from my tax person), you get to claim all your prepaids, downpayment, and points you buy down that first year EVEN if those points are paid by the seller in seller concessions. Virtually all your closing costs, save title and escrow fees, are tax deductible. Plus of course any interest you paid in any ongoing monthly payments. Plus, for first time homebuyers there are additional credits when you buys a house, although I'm not sure what those all are. It adds up to a chunk that first year, but yes, the next year all that interest will be tax deductible and may amount to a bit more.