Select the correct answer.

Question

Which item(s) are tax deductible for consumers who are buying a home?
A.
down payment
B.
mortgage property appraisal and inspection costs
C.
closing fees and title costs
D.
mortgage interest and property taxes
E.
insurance payment

Answer 1

The correct answer is:

D. mortgage interest and property taxes

These are typically deductible for homeowners on their income tax returns. Other options, such as the down payment or insurance payments, are generally not tax-deductible.