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sinctaxservices
Level 2
July 19, 2023
Question

Cash Home Purchase

  • July 19, 2023
  • 2 replies
  • 11 views

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. 

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2 replies

BobKamman
BobKamman
Level 15
July 19, 2023

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.  

    IRonMaN
    IRonMaN
    Level 15
    July 19, 2023

    Thinking "no" would be the right thought for the day.

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