sinctaxservices
Level 1
07-19-2023
12:41 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Are there any tax breaks, credits or deductions for paying cash for a home purchase? I am thinking no, however I maybe there is. Any help would be appreciated.
Labels
BobKamman
Level 15
07-19-2023
01:26 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you got a mortgage, the interest might not be deducible because of the higher standard deduction and limits to other deductions like property taxes. And if you left the money in the bank, the interest it earned would be taxable.
