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buyingprocess

The Search Begins Finding the Right Home Closing the Deal Preparing to Move In

After the Closing
Once you've bought your home, make sure to keep your papers in order and know your rights as a homebuyer, and 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.

Tax Breaks
Of course, one of the best parts about buying a home is the tax break you receive from the government.

What's Deductible?

  • 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)

What Is Not Deductible?

  • Home improvement Expenses
  • Homeowner and Co-op dues
  • Insurance Expenses

Contact the Internal Revenue Service directly at 1-800-TAX-FORM or log onto the Internal Revenue Service website. Ask your accountant for more information.
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