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We have been looking for a home to purchase for the last few months, however I have a question about taxes. This last year, DH and I got married and filed jointly and for the 1st time paid a very minimal amount of AMT ($9). I was surprised by that because we don't have any deductions outside of state taxes (CA).

Both of us have recently received raises so our income will be definitely higher in 2011.

Does that mean that when we do purchase a home that we likely won't get any of the mortgage interest deductions that others get?

While this was not why we were buying a home it certainly was a perk that offset a portion of the increased costs, especially given our price range. I want to make sure I understand this before we buy so I can make sure we're not overextending ourselves but I'm not familiar with how this affects our taxes since we've never owned before.

Can someone please explain this to me?


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