I have a couple questions about taxes:

1. If I bought my house in July do I have to pay taxes for a full year?
- The Real Estate tax bill I got was for a full year but we bought it in July?
2. If I have a interest only home loan. 80/20. Is the interest I paid on both loans deductible?

3. Is the sales tax on my car deductible? I live in kansas.

4. Is school loan interest deductible?


Thanks!

 

1. That depends on when the tax fiscal year runs. It may start and end in a month other than January.
2. Interest on a mortgage/home equity loan is almost always tax deductible. And the first few years of the loan, the payments are almost all interest, so you'll have a nice deduction.
3. I live in NY and its not here, but your law may be different.
4. Interest on student loans is also usually tax deductable.