I am self employed and take distribution checks all year and then pay my taxes at the end of the year. I usually end up owing many thousands of dollars at the end of the year. I just purchased a house in cash, no mortgage. At the end of the year, will that offset the taxes I owe? I live in NY but it is Federal I m more concerned with.
Thanks
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Will I get any sort of tax credit or tax break for purchasing a house in cash?