: Shows the final taxes and points paid at the time of purchase.
: You can deduct up to $10,000 ($5,000 if married filing separately) for a combination of state and local income taxes or sales taxes, and your local property taxes. buying a house and taxes
: Mailed by your lender annually to report mortgage interest. : Shows the final taxes and points paid
: If you "bought down" your interest rate by paying points at closing, these are often fully deductible in the year you paid them, provided they meet specific IRS criteria. Ongoing Costs to Budget For : If you "bought down" your interest rate
: While general maintenance isn't deductible, keeping receipts for major "capital improvements" (like a new roof or addition) can help increase your home's "cost basis," potentially reducing your taxable gain when you sell. Essential Documents to Keep
