Real estate (taxes, mortgage interest, points, other property expenses)

Frequently Asked Questions

I have a mortgage for land that I intend to build a home on. Can I take the home mortgage interest deduction?

I have a mortgage for land that I intend to build a home on. Can I take the home mortgage interest deduction?
Frequently Asked Questions

If I must deduct points over the life of my mortgage, and I have a 30-year mortgage, should I divide the points paid by 30 and enter that amount on Schedule A of Form 1040?

If I must deduct points over the life of my mortgage, and I have a 30-year mortgage, should I divide the points paid by 30 and enter that amount on Schedule A of Form 1040?
Frequently Asked Questions

Is interest paid on a home equity loan or a home equity line of credit (HELOC) deductible?

Is interest paid on a home equity loan or a home equity line of credit (HELOC) deductible?
Frequently Asked Questions

I took out a home equity loan secured by my main home to pay off personal debts. Is this interest deductible?

I took out a home equity loan secured by my main home to pay off personal debts. Is this interest deductible?
Frequently Asked Questions

Is the mortgage interest and real property tax I pay on a second residence deductible?

Is the mortgage interest and real property tax I pay on a second residence deductible?
Frequently Asked Questions

I purchased a rental property last year. What closing costs can I deduct?

I purchased a rental property last year. What closing costs can I deduct?
Frequently Asked Questions

If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money?

If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money?
Frequently Asked Questions