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Deductions & credits

No. No part of the purchase price is tax deductible, so your down payment has no tax effect. In 2019, you will begin to see the full effects of home ownership, as mortgage interest and real estate taxes will be deductible.

My best advice: keep good records. Begin a file with your purchase contact and settlement documents. Track every improvement that you make to the home. These will contribute to your home's basis, which will become relevant when you eventually sell the home.

For more information, please refer to:

IRS Pub. 530 Tax Information for Homeowners