Select the correct answer. which item(s) are tax deductible for consumers who are buying a home? a. down payment b. mortgage property appraisal and inspection costs c. closing fees and title costs d. mortgage interest and property taxes e. insurance payment

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16-09-2022
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Select the correct answer. which item(s) are tax deductible for consumers who are buying a home? a. down payment b. mortgage property appraisal and inspection costs c. closing fees and title costs d. mortgage interest and property taxes e. insurance payment

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qwcat qwcat · Answer 1 · 2022-09-20T12:46:18-04:00

The correct answer is (d) Mortgage rates and property taxes.

Mortgage rates and property taxes are the taxes which are deductible for consumers who are buying a home.

The mortgage interest deduction is a typical itemised deduction that enables homeowners to exclude from taxable income the interest they pay on any loans used to finance the construction, acquisition, or improvement of their property.

Loans for second homes and vacation homes are also eligible for the mortgage interest deduction, although there are some restrictions. In most cases, state and local property taxes can be written off against a property owner’s federal income taxes. Any federal, state, local, or foreign taxes imposed for the benefit of the general populace are deductible real estate taxes.

To learn more about mortgage rates, refer this link.

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