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I purchased a home in September of 2017 . Now that I am a home owner do I have to file a different form. Do I get credit for property taxes and mortgage interest deduct?

Forum|Forum|7 years ago
June 5, 2019
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Best answer by xmasbaby0

Home Ownership -- What is Deductible?

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2017. You will get a 1098 from your mortgage lender that shows this information in January.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, title searches, settlement fees. etc.

Your down payment is not deductible.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Home improvements, repairs, maintenance, etc. for your own home are not deductible.

Homeowners Association (HOA) fees for your own home are not deductible.

ghost

Employee

You must itemize deductions on Schedule A to claim credit for taxes and mortgage interest. You tell the program that you purchased a home and you will be asked to enter the necessary info. Program will determine forms you need for best tax savings.

P

pk12_2

Employee

these are deductions ( for paid amounts ) and not credits --- lowers your taxable income. The program will determine whether standard or itemized deduction is more tax benign in your particular case.

S

SweetieJean

Employee

You may not have enough of these for 2017, as you bought the home late in 2017. And the 2018 Standard deduction is much higher than for 2017.

fanfare

Employee

Most taxpayers will not be itemizing. The only way to itemize is to have many thousands of charitable donations, or many tens of thousands of unreimbursed medical bills.

X

xmasbaby0

Employee

Starting with your 2018 return which you will file in 2019. However, you are unlikely to have enough to affect your 2017 return since you have only owned the house for a few months.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

X

xmasbaby0Answer

Employee

Home Ownership -- What is Deductible?

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2017. You will get a 1098 from your mortgage lender that shows this information in January.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, title searches, settlement fees. etc.

Your down payment is not deductible.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Home improvements, repairs, maintenance, etc. for your own home are not deductible.

Homeowners Association (HOA) fees for your own home are not deductible.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**