No, you will not be able to take the First-Time Homebuyer Credit for the 2022 tax year. The first-time homebuyer credit was a refundable tax credit you could claim on your 2008, 2009, and 2010 federal income tax returns. The credit, worth as much as $8,000, is no longer available on homes purchased after 2010. There is legislation to create a new refundable tax credit of up to $15,000 for first-time homebuyers which was introduced in April 2021, but as of December 2022, the legislation still has not passed in Congress. Please review the TurboTax article Can you still take the first-time homebuyer credit? for further details.
Some states have tax credits and deductions to offset the cost of buying a house with a mortgage. California offers incentives to first-time homebuyers in the state, including various tax credits. The Mortgage Credit Certificate (MCC) program is a tax credit incentive. It converts a portion of your mortgage payments into a federal income tax credit, but you have to qualify. If you live in Los Angeles County review this website for more information Tax Credits for First Time Home Buyers. If you don’t live in LA County, please google your county for the MCC program.
Yes, you will be able to use TurboTax Premier Desktop 2022 to check if you are eligible for the Home Energy Credits. Please review the TurboTax articles Federal Tax Credit for Residential Solar Energy .
(edited 01/26/23|5:40 pm PST)
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