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What can you deduct if you bought a home in 2005?

Apr. 15, 2006

It's a little late for getting your taxes done, but if your 1040 still isn't ready for Uncle Sam and you bought a house in 2005, you may be able to deduct the following:

  • Interest on your mortgage/s.  Everything you paid out in interest is deductible.
  • Taxes paid in 2005 are fully deductible.
  • If you paid any Owner's Title Insurance at closing (this is normally a cost to the seller), this is deductible.
  • Home improvement, mortgage and refinancing loan origination points (if you had used my special lender you wouldn't have had any origination fees!)
  • Recording fees
  • Legal fees
  • Property surveys
  • Any real estate commission you may have paid
  • Any local assessments that will improve your property, such as new sidewalks, streets, sewer and water systems
  • HOA assessments covering capital improvements, like new roof (but not repairs to roof)
  • Any charges for installing utility services if you've bought a builder's home and built one yourself

If you want to deduct anything else, you'd better consult with your tax professional.  (If you live in the Denver area and don't have one, give me a call at 303-587-3509 and I can refer you to a great tax accounting firm.)

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