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New Member
posted Apr 15, 2024 6:46:47 PM

I sold my house for $250k and bout a new one for $515k. Should I get money back on my return?

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2 Replies
Expert Alumni
Apr 15, 2024 6:51:11 PM

No, you don't get any money back on your taxes for buying a newer, more expensive home.

 

However, you can deduct Mortgage Interest, Property Tax and Mortgage Insurance. 

 

Congratulations on the new home, though!

 

Here's more info on New Home Purchase. 

Level 15
Apr 15, 2024 10:56:11 PM

You could get money back if you now have a large mortgage and thus paid more than anticipated interest during the year along with real estate taxes possibly paid on both properties. but the houses themselves offer no tax deduction.