When buying a home, is the payments tax deductible?

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julia g

When buying a home, is the payments tax deductible?

Judy1

The interest and the real estate payments can be deducted if you itemize. Early in a mortgage, these items make up a large part of the payment.

If you itemize, that REPLACES the standard deduction, doesn't add to it. Standard deduction last year was $5000 for singles, $10,000 if married filing joint, so unless you have a lot of other itemized deductions, the home interest and taxes might not save you a lot.

d2pain

no i believe the interest you pay on the mortgage is only deductible

Country Girl for Life

No..you have to pay taxes on your home so why would the payments be tax deductible.

Joe the Expert

Only the interest on the Mortgage and the Real Estate taxes can be taken as an itemized deduction.

Bad Kitty!

The interest is deductible, and also the property taxes are deductible. But not the payments on the principle.

beez

Just the interest portion.

weirina85

The interest portion of your payments are deductible, but not the principle...

joetaxpayer

Not the principle.

Only interest and property tax. Next large deduction is the state tax you pay. This and the huge charitable contributions would add up to your itemized deductions, mostly.
JOE

WiserAngel

The interest you pay is, not the principle.

airbob61@verizon.net

The interest paid is tax deductable, however, the principal is not.

Hawaii808

Only the interest is tax deductible.

tina s

Only the interest portion of the payment is deductible. The payments consist of interest and principal. The interest portion only is tax deductible if you itemized deductions on Schedule A. Real estate taxes are also deductible on Schedule A.

GirlUdontKnow

The interest you pay on your mortgage payments is tax deductible

quim f

The interest you pay on the loan is tax deductable. In the early years that is most of the payment.

Dorothy

It sure is! You can deduct the mortgage interest as well as your property tax.

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