Larkin and Oliver bought their first home in May 2019. Their real estate agent told them that all of the property tax would be deductible. Is this accurate? Yes. All property tax is deductible on the purchase of homes. Yes. Besides the complete property tax deduction, homeowners can also get an exclusion from capital gains (but only if they are a married couple, like Larkin and Oliver). No. The only tax benefit for homebuyers is that they are allowed to withdraw up to $10,000 from their IRA to go toward the down payment for their home. No. Homeowners can deduct a total of $10,000 between state, city, and property taxes.

Larkin and Oliver bought their first home in May 2019. Their real estate agent told them that all of the property tax would be deductible. Is this accurate? Yes. All property tax is deductible on the purchase of homes. Yes. Besides the complete property tax deduction, homeowners can also get an exclusion from capital gains (but only if they are a married couple, like Larkin and Oliver). No. The only tax benefit for homebuyers is that they are allowed to withdraw up to $10,000 from their IRA to go toward the down payment for their home. No. Homeowners can deduct a total of $10,000 between state, city, and property taxes.