First time home buyer and tax deductions

This year will be the first time that myself and my husband will be able to deduct things at tax time.

What type of things can be deducted?
Interest on the mortgage


What about home improvements? Paint and stuff like that or major stuff like a new kitchen?

Re: First time home buyer and tax deductions

thats a great question,
I didnt even know that could be done !

Re: First time home buyer and tax deductions

I'm not sure if home improvements can be deducted.
I hope so

Re: First time home buyer and tax deductions

if home improvements can be deducted - i will have to drive to the landfill to dig up my receipts! lol

Re: First time home buyer and tax deductions

You might want to have an accountant do your taxes the first year of owning the house just so you don't screw it up. I have done all my taxes every year... even with the co-op. But when I get a house... i am probably gonna have the accountant do it one year to see how he works it.

Re: First time home buyer and tax deductions

I thought home repairs can be deducted but all my home improvements have been cash only so they don't charge tax. (Tree removal, and roof). Oh well.

Re: First time home buyer and tax deductions

some types of home improvement can be deducted i see people do it all the time.

Re: First time home buyer and tax deductions

So much can be deducted definately have an accountant do your taxes its so worth it. Congrats on the house where is it in E NPT? Looks familiar...

Re: First time home buyer and tax deductions

I'm just going to make a folder and keep every receipt we get.
An accountant will be doing are taxes, that's for sure!

Re: First time home buyer and tax deductions

My mom has always deducted home improvements