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Using Your Tax Refund as a Down Payment for Your First Home. – How Your Tax Refund Can Help You Buy a House For many would-be homeowners, accumulating money for a down payment is the single biggest obstacle to homeownership. The combination of low pay increases and the high cost of living make it very difficult to save money at all, let alone the amount needed for a major purchase, like a home.
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Tax Implications of Buying or Selling a House | H&R Block – Selling a House. The gain from your home can be tax-free up to $250,000 if single or $500,000 if married. For more information about this exclusion and requirements to claim the exclusion, IRS Publication 523 "Selling Your Home" is a great place to start your research.
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How much money do you get back on your taxes for buying a house? – In addition, you would probably pay about 1% of the home’s value for property taxes. On a $100,000 home, this would be about $1000 per year. If you paid only 1 quarter’s taxes in the purchase year, that would be about $250 more you could deduct.
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Tax Rules for Selling Your Home – dummies – If you don’t meet the above requirements, you might have to pay tax on the profit from your house. If you use part of the home for business purposes, you do need to keep track of all of the costs associated with your home, so that you can take a tax deduction for the business portion of your home.