There is not a federal first time homebuyers credit.
You can deduct on Form 1040 Schedule A as itemized deductions - Mortgage Interest, Mortgage Insurance, Property Taxes, Points paid on the new loan. Other fees paid at closing are added to the basis of the home when sold.
Some settlement fees and closing costs you can include
in your basis are:
Abstract fees (abstract of title fees),
Charges for installing utility services,
Legal fees (including fees for the title search and preparing
the sales contract and deed),
Recording fees,
Survey fees, Transfer or stamp taxes, and
Owner's title insurance.
Note that your Total itemized deduction on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2017
- Single - $6,350 add $1,550 if age 65 or older
- Married Filing Separately - $6,350 add $1,250 if age 65 or older
- Married Filing Jointly - $12,700 add $1,250 for each spouse age 65 or older
- Head of Household - $9,350 add $1,550 if age 65 or older
