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View Full Version : Bought first home on 11/30... what's deductible?


pgazz311
Jan 8, 2010, 08:39 AM
I live in New Jersey. Closing was 11/30. What is deductible on the taxes besides the obvious $8000 credit? I have an FHA loan and paid an upfront mortgage insurance and financing charges. Also paid for prepaid interest, then I also have the months interest from my December payment. Is there anything else I am missing?

AtlantaTaxExpert
Jan 9, 2010, 06:33 PM
Assuming that. In aggregate with the other itemized deductions, all of the deductions EXCEED your standard deduction, you can deduct the pre-paid interest (points) plus the PMI.

How much are these charges?