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Importance of tax deductions when buying a home?
How important are they? Do I need to buy the bullet this year in order to buy a home? Basically I am trying to buy a house but it looks like I will loose a couple of grand on my tax deductions this year. Any body has experience in this matter?
* bite the bullet
3 Answers
- figment_usaLv 58 years agoFavorite Answer
Are you talking about not claiming deductions in order to increase your income so you can qualify for a mortgage? This is a really bad idea; the mortgage guidelines are there to ensure you can actually afford the home you are trying to buy.
- Cathi KLv 78 years ago
How can you lose something you dont have yet? The later in the year you buy a home you usually don't have enough deductions to itemize the first year. Buying a house is not just a tax decision.
- Go ArizonaLv 78 years ago
I'm confused - normally, the interest paid on a mortgage is the largest percentage of itemized deductions. How would you lose money in deductions this year?
