Yes, there are some deductions, such as taxes and interest you can claim for 2016. While it may
not be much, when you purchased your home you could have a few expenses that
can be deducted. You will need your closing forms to determine this or
you can contact your lender to see if you will be receiving a 1098 which should
have the items you can deduct included. The following expenses would be
deductible for your 2016 return if they were paid;
- Taxes you paid that the
seller did not reimburse.
- Interest that you paid at the
time of purchase
- Points or origination fee
- Private mortgage insurance
costs (only if these were prepaid)
While you had other
expenses, such as documentary stamp, credit report costs, transfer taxes,
attorney fees etc., they will not be deductible, they are added to the cost of
your home. However, with your home purchase and paying for the entire
year, 2017, you will have a lot more to deduct on your 2017 tax return.
See Tax
Breaks and Home Ownership for what you will be able to claim on 2017 taxes.
