Once you've bought your home, make sure to keep your papers in order and know your rights as a home buyer.
- Interest on your mortgage
- Property Taxes (but water or sewer assessment may
not be)
- Some Closing Costs (including home inspections, appraisals or loan application fees)
- Loan points (deductible in the year that you pay them; in a refinance, the points are written off in increments over the term of the loan)
- Home improvement Expenses
- Insurance Expenses
Note: Be sure to consult with your tax counsel about the tax benefits of owning your home.
For free publications from the Internal Revenue Service, call 1-800-TAX-FORM or go to www.irs.gov.
File all closing and settlement papers, including escrow papers, title report and your purchase and sale agreement. Also file your loan documents, inspection reports and insurance information in this binder.
|
