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Deductions & credits

 
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Deductions & credits

No, there is no Federal tax credit for purchasing a home with a FHA loan. Check with your state if this is a state specific credit.

However, you may be able to deduct mortgage interest, property taxes and Private Mortgage Insurance (PMI), which may increase your refund or decrease the amount due.

To get to the TurboTax section to enter:

Property taxes, click on Where do I enter the real estate taxes I paid?

Mortgage interest, click on Where do I enter my 1098 mortgage interest statement?

PMI or MIP, click on Can I deduct mortgage insurance (PMI or MIP)?

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Deductions & credits

You could have claimed the MIP in 2016 but not 2017. Unfortunately not, as of tax year 2017, homeowners are no longer able to deduct mortgage insurance premiums.

The mortgage insurance deduction was introduced in 2006, and was last extended through December 31, 2016 by the 2015 Protecting Americans from Tax Hikes (PATH) Act. It was not extended for 2017.