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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
MarilynG1
Expert Alumni

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

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. 

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

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.  

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