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E
ericbertelsen
April 16, 2024
Question

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

  • April 16, 2024
  • 2 replies
  • 0 views
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2 replies

M
mglauner
April 16, 2024

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. 

    M
    Mike9241
    April 16, 2024

    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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