Are mortgage interest, moving expenses, and appliances deductible?
September 30, 2008
Date: Sat, 26 Jan 2008
I am in the Air Force and am stationed in California. I am trying to swap assignments with someone at a base in North Carolina. Since it is a swap, the Air Force won't pay for me to move. I want to move so I can buy a home at a lower price than in California. Would my moving expenses be deductible?
Also, is mortgage interest 100% deductible? Are appliances bought for the home deductible? This will be my primary residence.
Thank you for your time.
P.S. Currently fighting the war in Iraq and will make my way back to CA in April.
Date: 31 Jan 2008
Since you are moving for a personal reason and not for an employment-related reason, the moving expenses would be nondeductible.
Mortgage interest for a mortgage secured by a principal residence and for the purpose of purchasing the residence are generally deductible, provided the loan doesn't exceed $1 million. Not all mortgage interest is deductible.
Appliances bought for the home aren't deductible.
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