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After the Closing
Once you've bought your home, make sure to keep your papers in order and know your rights as a homebuyer.
Tax Breaks
Of course, one of the best parts about buying a home is the tax break you receive from the government. |
What's Deductible?
- Interest on your mortgage
- Property Taxes (but water or sewer assessment may not be)
- Some Closing Costs (including home inspections, appraisals or loan application fees)
- Loan points (deductible in the year that you pay them; in a refinance, the points are written off in increments over the term of the loan)
What Is Not Deductible?
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For free publications from the Internal Revenue Service, call 1-800-TAX-FORM and ask for the following publications:
- 521 "Moving Expenses"
- 534 "Depreciation"
- 541 "Tax Information on Partnerships"
- 551 "Basis of Assets"
- 555 "Federal Tax Information on Community Property"
- 590 "Individual Retirement Arrangements"
- 908 "Bankruptcy and Other Debt Cancellation"
- 936 "Home Mortgage Interest Deduction"
Make a File
File all closing and settlement papers, including escrow papers, title report and your purchase and sale agreement. Also file your loan documents, inspection reports and insurance information. |
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May we help you...
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Ph. 507-387-1131
113 N. Broad St.
Mankato, MN 56001
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