First time home buyer and tax deductions Back
AmyKay Posted: Jul 24, 2004 12:47 PM+
AmyKay MEMBER SINCE: 10/02 TOTAL POSTS : 1158 WEDDING DATE: Mar 23, 2003
Posted: Jul 24, 2004 12:47 PM bride-minus.png

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?
million04@aol.com Posted: Jul 24, 2004 02:16 PM+
million04@aol.com MEMBER SINCE: 9/03 TOTAL POSTS : 744 WEDDING DATE: Nov 07, 2004 WEDDING LOCATION: Leanords OF Great Neck
Posted: Jul 24, 2004 02:16 PM bride-minus.png

Re: First time home buyer and tax deductions

thats a great question,
I didnt even know that could be done !
AmyKay Posted: Jul 24, 2004 02:51 PM+
AmyKay MEMBER SINCE: 10/02 TOTAL POSTS : 1158 WEDDING DATE: Mar 23, 2003
Posted: Jul 24, 2004 02:51 PM bride-minus.png

Re: First time home buyer and tax deductions

I'm not sure if home improvements can be deducted.
I hope so
MrsTC Posted: Jul 24, 2004 03:03 PM+
MrsTC MEMBER SINCE: 3/03 TOTAL POSTS : 8127 WEDDING DATE: Sep 27, 2003
Posted: Jul 24, 2004 03:03 PM bride-minus.png

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
DjPiLL Posted: Jul 24, 2004 03:39 PM+
DjPiLL MEMBER SINCE: 4/04 TOTAL POSTS : 4198 WEDDING DATE: May 28, 2005
Posted: Jul 24, 2004 03:39 PM bride-minus.png

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.
Valentinegirl Posted: Jul 24, 2004 04:54 PM+
Valentinegirl MEMBER SINCE: 7/03 TOTAL POSTS : 7278 WEDDING DATE: Nov 14, 2010
Posted: Jul 24, 2004 04:54 PM bride-minus.png

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.
janwinterbridejoy Posted: Jul 24, 2004 05:56 PM+
janwinterbridejoy MEMBER SINCE: 12/03 TOTAL POSTS : 6843 WEDDING DATE: Jan 09, 2004
Posted: Jul 24, 2004 05:56 PM bride-minus.png

Re: First time home buyer and tax deductions

some types of home improvement can be deducted i see people do it all the time.
kimmie Posted: Jul 25, 2004 12:48 PM+
kimmie MEMBER SINCE: 7/03 TOTAL POSTS : 828 WEDDING DATE: Sep 25, 2004
Posted: Jul 25, 2004 12:48 PM bride-minus.png

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...
AmyKay Posted: Jul 26, 2004 08:53 PM+
AmyKay MEMBER SINCE: 10/02 TOTAL POSTS : 1158 WEDDING DATE: Mar 23, 2003
Posted: Jul 26, 2004 08:53 PM bride-minus.png

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!
dgtlsunshine Posted: Jul 26, 2004 11:01 PM+
dgtlsunshine MEMBER SINCE: 12/01 TOTAL POSTS : 2838 WEDDING DATE: Jul 07, 2002
Posted: Jul 26, 2004 11:01 PM bride-minus.png

Re: First time home buyer and tax deductions

My mom has always deducted home improvements
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