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I bought a home in April of 2006, what do I take with when ...
Sent to Tax Experts September 04 06:00 PM

I bought a home in April of 2006, what do I take with when getting my taxes done?
The house is 9 years old, so no construction was done, but can I claim anything with moving, painting, etc.

 

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Lowell, Indiana

Customer (name blocked for privacy)
Status:  Closed   Value: $8
Answer
September 4 6:23 PM (22 minutes and 41 seconds later)
         
ACCEPTEDCheck Mark

You can deduct your mortgage interests, property tax, points on Schedule A itmized deduction. Some of the other closing costs will need to add to purchasing price to be the basis of the property.

Maitnance such as painting is not tax deductible.

Improvement is not tax deductible, it needs to add into the basis of the property.

Moving expenses is deductible if it is job related and meet the distance test.

reference:

http://www.irs.gov/publications/p530/index.html

http://www.irs.gov/taxtopics/tc455.html



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