If I build a new one, how will it affect my taxes

TWTtax · ‎November 16, 2022

KristinaK · ‎November 16, 2022

I believe you mean you built a new primary residence. If yes, keep track of all the costs that went into building the house. This will be your basis if in the future you decide to sell or turn it into a rental.

As for expenses, you will be able to deduct certain expenses associated with your house. Look at this Help Article, it lists information about Mortgage interest, Property tax, and Mortgage Insurance.

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