Deductions & credits

ThomasM125 · ‎January 30, 2023

The cost of a residence is not tax deductible. If you sell the house one day, you can deduct the cost from the sale proceeds in order to determine a capital gain that you may need to pay tax on. You can only deduct property taxes and mortgage interest as itemized deductions while you are living in the house.

@LauraHaynes

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