Energy Savings

• When you buy a house that has just been built, you may be able to qualify for some tax credits for energy savings. When a house is built with energy-efficient materials, the Internal Revenue Service provides tax credits for the owner of that home. For example, if you use energy-efficient shingles or a hot water heater, you get a credit based on the cost of the items, up to a maximum amount. This lowers your tax liability on a dollar-for-dollar basis.
  
  

Mortgage Points

• When you buy a new house with a mortgage, your lender may require you to pay some points. Points are a form of interest paid on the front end of the loan as part of the closing costs. A point is equal to a percent of the mortgage loan amount and lenders often require it as a way to buy down your interest rate. When you pay points, you get to deduct the full amount you pay from your taxable income for the year.
  
  

Interest on the Mortgage

• When you use a mortgage to pay for your new house, the IRS also allows you to deduct the amount of interest that you pay from your taxable income. At the beginning of the mortgage loan, most of your payment is comprised of interest. At the end of the year, you will receive a statement from your mortgage company that lists the amount of interest that you paid for the year. You then get to deduct the entire amount as long as you itemize your tax deductions.
  
  

Property Taxes

• When you buy a new house, the county in which you live will typically require you to pay property taxes. The property taxes are based on the value of your house, according to the county assessor. These taxes are used to pay for things like local government offices and schools. When you pay property taxes, you get to deduct the total amount you pay from your taxable income. You must itemize to take this deduction as well.