My CPA mentioned today that if my husband and I purchase a house at the end of the year, we miss out on our tax deduction. He said, for example, the tax deduction for married couples in 2016 was $6,400. He then started talking about tax deductions for property taxes paid, and I couldn't understand if he was saying our whole tax deduction for buying a house was based on property taxes, or the actual purchasing of a home or what? He's an older fellow who tends to get confused himself lately and also doesn't explain things well so I thought while I'm in search of another local CPA, someone in Reddit may be able to shed some light for me. My husband and I are currently in the process of getting approved for a home loan, and now I'm wondering if it would be worth while to put it off for a couple of months and try to buy a house at the beginning of 2018. I realize nobody can give me actual tax advice over Reddit but Can someone give me a practical example of how this might work for us. We're looking to buy a house in Oregon for 250-275,000 and my husband makes $58k while I'm a homemaker currently.
Submitted August 08, 2017 at 05:41PM by LavenderAndLace http://ift.tt/2uEq6vE
