In 2020 I purchased a home and I did not take advantage of the tax brakes for homeowner like first time homeowners credit. Can I go back and amend my returns to get it

[xmasbaby0]

There was no federal first time homeowner credit for 2020.   Did your state have some sort of first time homeowner credit?

[jbanner11]

I live in Washington state. I don’t know if there was any tax credit for first time homebuyers in 2020 also each of the years that I have owned the home I did not take the standard deduction for a married couple of $25,000. Can I go back and claim that for the last three years?

[xmasbaby0]

Home Ownership

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.

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.

When you are a homeowner, the "tax breaks" you can try to use are mortgage interest you paid, property tax you paid, and loan origination points that you paid.   Lenders send you a 1098 in January showing those amounts.

[jbanner11]

Can you explain what the $25,000 standard deduction is for homeowners that are married?

[xmasbaby0]

WA has  no state income tax, so there certainly would not be a first time homeowner credit on a tax return for you in WA.

What do you mean you "did not take the standard deduction for a married couple" ?  If you filed a joint return with your spouse, the standard deduction was used automatically on your tax form.  You will see it on line 12 of your Form 1040.     If you had enough itemized deductions then you could itemize instead.

The itemized deductions you can enter for home ownership include mortgage interest, property tax and loan origination points----as shown on the 1098 sent to you by your lender each year in January.

HOMEOWNERSHIP DEDUCTIONS

It is very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher.  Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year.  

Standard Deduction

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. 

2020 Standard Deduction Amounts

Single $12,400   (+ $1650 65 or older)

Married Filing Separate  $12,400   (+ $1300 if 65 or older)

Married Filing Jointly $24,800   (+ $1300 for each spouse 65 or older)

Head of Household $18,650  (+ $1650 for 65 or older)

2021 STANDARD DEDUCTION AMOUNTS

SINGLE $12,550  (65 or older + $1700)

MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

Legally Blind + $1350

2022 STANDARD DEDUCTION AMOUNTS

SINGLE $12,950  (65 or older + $1750)

MARRIED FILING SEPARATELY $12,950  (65 or older + $1750)

MARRIED FILING JOINTLY $25,900  (65 or older + $1400 per spouse)

HEAD OF HOUSEHOLD  $19,400  (65 or older +$1750)

Legally Blind + $1750

[jbanner11]

Your answer sounds like you are annoyed and have a short fuse. I am just trying to get some answers here thank you anyway

[xmasbaby0]

I think you are confused about what "standard deduction" means.

https://ttlc.intuit.com/questions/1901530-how-does-the-itemized-deduction-differ-from-the-standard-d...

Explain Standard Deduction—What is it?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.

Your standard deduction lowers your taxable income.  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2022 Form 1040.

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $12,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD

$20,800 (65 or older/blind)  + $1850)

[xmasbaby0]

Look on line 12 of each year's Form 1040.  You will see your standard deduction there.  If you believe that your itemized deductions would be better, you can amend to itemize.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

[rjs]

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@jbanner11 wrote:

I live in Washington state. I don’t know if there was any tax credit for first time homebuyers in 2020 also each of the years that I have owned the home I did not take the standard deduction for a married couple of $25,000. Can I go back and claim that for the last three years?

---

Washington has no state income tax, so there cannot be any first-time homebuyer's credit or standard deduction, because there is no state tax return. It's not clear what your concern is.

If you omitted your mortgage interest and real estate tax from your federal tax returns, you can file amended returns for 2020, 2021, and 2022. But mortgage interest and real estate tax are itemized deductions. They will not give you an additional refund unless your total itemized deductions are more than the standard deduction. Here are the federal standard deduction amounts for each year for married filing jointly if both of you were under 65 years old and not blind. The standard deduction does not depend on home ownership. It's the same whether you own a home or not.

2020: $24,800

2021: $25,100

2022: $25,900

For 2018 through 2025, the total deduction for state and local taxes is limited to a maximum of $10,000 per year ($5,000 if you are married filing separately). The maximum applies to the total of real estate tax, personal property tax, and either state and local income tax or state and local sales tax. There are also limits on the mortgage interest deduction based on the mortgage balance and other factors, and the rules have changed from year to year.

To get an additional refund for 2020 you must file the amended return by April 15, 2024.

[AmyC]

Some homeowners can use the mortgage interest and real estate tax along with other taxes paid, charity, medical deductions, and so forth to itemize deductions on Schedule A rather than taking the standard deduction. You can read the differences here  on page 24 along with who should itemize. 

Tax breaks for homeowners is not what it used to be. The federal program ended long ago as stated above. 

The great majority of people do not itemize. Higher income people with high mortgages have the best chance at itemizing. It is always a good idea to enter the schedule A information into the program and see if you can itemize. When the program asks about mortgage interest and taxes paid, charity, and so on just enter the information and the program will do all the work for you to determine what is best for your tax return.

WA state does not have a state tax so there is no special program or filing for the state level.

If you failed to enter the information for your home in prior filings, you can amend your return for a refund within 3 years of the original deadline.