First Home Purchase

[brennanauger]

Hello, I am a first time home buyer and closed on my first home December 13th 2024. As far as 2024, I have my closing costs and down payment but no mortgage payment was due until Feb 1, 2025.  What information do I need to be prepared with and what form(s) pertain to my situation? 

[DawnC]

You won't need to enter anything on your 2024 tax return.   Congratulations!

If you own a home, you may be able to deduct:

• Mortgage interest (including points)
• Property (real estate) tax
• Mortgage insurance (PMI or MIP)

Unless it's a rental, you won't be able to deduct homeowner's insurance, repairs, or home improvements.

Be sure to hold onto your closing statement, as it lists expenses that could be deductible, like points and prepaid interest.

Also, start saving your home improvement receipts. You won't be able to deduct those right now, but they can reduce your gain (along with any capital gains tax) when you sell in the future.

What does buying a home mean for my taxes?

Buying your 1st Home!

[brennanauger]

Dawn, Thank you for the response.

So nothing to place on my 2024 return even thought closing costs and down payment was paid in December 2024?

Thank you!