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-   -   H1B Visa buying a primary house (https://www.askmehelpdesk.com/showthread.php?t=579221)

  • May 31, 2011, 09:06 AM
    avshuks
    H1B Visa buying a primary house
    I am HIB visa holder and planning to buy a primary house in Florida. Should I buy the house in my name alone to get Tax benefit or can I buy it jointly with my wife and still get Tax benefit as I am the only earning member of the family. My wife does not work .

    How much tax benefit will I get if I buy a house.
  • Jun 17, 2011, 06:03 AM
    joypulv
    Both names on the deed or not doesn't affect your taxes. You file a joint return with your wife and that in itself is a tax advantage, since she doesn't work (and I presume has no unearned income). You can take out the mortgage in just your name if you want, so that the bank only asks for financials on you.

    I can't answer the question about your tax deductions on H1B.
    In general, a mortgage is a very good deduction, especially since it's almost all interest at first, and that's what you are deducting. Paying cash for a house gets you nothing except the property tax deduction.

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