: If you "bought down" your interest rate by paying points at closing, these are often fully deductible in the year you paid them, provided they meet specific IRS criteria. Ongoing Costs to Budget For
: Mailed by your lender annually to report mortgage interest. buying a house and taxes
: You can deduct up to $10,000 ($5,000 if married filing separately) for a combination of state and local income taxes or sales taxes, and your local property taxes. : If you "bought down" your interest rate