Originally Posted by VWBUS1978
you deduct morgage interest from your federal returns.
also, you can deduct state sales tax paid on all purchases throughout the year, i only keep receipts for the big purchases.
Damn!! Nice. You also get to deduct interst paid on mortgage from your gross income as well right? Thats a dream!!
We have it backwards here. If you buy a home here, you pay the price for the home. Then you pay land transfer tax on the house you buy. In toronto they double it... so you pay land transfer tax to the municipal govt and a land transfer tax to the provincial govt. A 500k home purchase would have to take on a $25,000 land transfer tax on top of the buying price!!
Whats even better is if you buy a new house (not resale), you have to pay 13% HST on it. So youd pay like $65k. But the home developers roll it into the price and sell you on "no tax" but essentially you are still paying it.