Is a down payment on a house tax deductible?

Answer There are a number of items associated with one's home that are tax deductible, however, the down payment used to purchase the home is not. The interest paid on your mortgage, however, is tax deduc... Read More »

Top Q&A For: Is a down payment on a house tax deductible

Is a pre-payment penalty tax deductible?

If a borrower's mortgage loan has a pre-payment penalty, the amount charged can be deducted from a borrower's income taxes in the same manner as his monthly mortgage interest is deducted.Source:IRS... Read More »

Is my interest on a mortgage deductible from a tax payment?

If you itemize your deductions, you can claim the interest paid on a mortgage on your primary or secondary residence as a tax deduction. This amount will decrease your taxable income, which will lo... Read More »

Can you use your rsp's for a down payment on a house?

Yes, you use your RRSPs for a down payment on a house. Any qualified and pre-approved first-time home buyer is free to remove up to $20,000 from a registered retirement savings plan. There will be ... Read More »

Do you need a down payment to buy a house?

On One Hand: Lenders Prefer That You Have a StakeYes, lenders are typically more likely to give you a respectable loan if they see you are assuming some of the financial risk by contributing your o... Read More »