Introduction
This publication provides tax information for homeowners. Your home may be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities.
The following topics are explained.
•How you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs.
•What you can and cannot deduct on your tax return.
•The tax credit you can claim if you received a mortgage credit certificate when you bought your home.
•Why you should keep track of adjustments to the basis of your home. (Your home's basis generally is what it cost; adjustments include the cost of any improvements you might make.)
•What records you should keep as proof of the basis and adjusted basis.
Table of Contents
•What You Can and Cannot Deduct
oHardest Hit Fund and Emergency Homeowners' Loan Programs
oReal Estate Taxes
oSales Taxes
oHome Mortgage Interest
oMortgage Insurance Premiums
•Mortgage Interest Credit
oFiguring the Credit
•Basis
oFiguring Your Basis
oAdjusted Basis
•Keeping Records
•How To Get Tax Help
This publication provides tax information for homeowners. Your home may be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities.
The following topics are explained.
•How you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs.
•What you can and cannot deduct on your tax return.
•The tax credit you can claim if you received a mortgage credit certificate when you bought your home.
•Why you should keep track of adjustments to the basis of your home. (Your home's basis generally is what it cost; adjustments include the cost of any improvements you might make.)
•What records you should keep as proof of the basis and adjusted basis.
Table of Contents
•What You Can and Cannot Deduct
oHardest Hit Fund and Emergency Homeowners' Loan Programs
oReal Estate Taxes
oSales Taxes
oHome Mortgage Interest
oMortgage Insurance Premiums
•Mortgage Interest Credit
oFiguring the Credit
•Basis
oFiguring Your Basis
oAdjusted Basis
•Keeping Records
•How To Get Tax Help
