And Taxes: Buying A House

: These are calculated based on your home's assessed value multiplied by local tax rates. It is highly recommended to check your specific County Assessor's website to estimate these costs before purchasing.

: Many lenders require you to pay a portion of your annual property taxes each month as part of your mortgage payment to ensure they are paid on time. Long-Term Tax Considerations buying a house and taxes

: Mailed by your lender annually to report mortgage interest. : These are calculated based on your home's

: While general maintenance isn't deductible, keeping receipts for major "capital improvements" (like a new roof or addition) can help increase your home's "cost basis," potentially reducing your taxable gain when you sell. Essential Documents to Keep Long-Term Tax Considerations : Mailed by your lender

: Most homeowners can deduct interest paid on up to $750,000 of mortgage debt ($375,000 if married filing separately). Your lender will report this to you via IRS Form 1098 every January.