I bought a house in 2017. I am a first time home ...
Kirstin5
New Member

I bought a house in 2017. I am a first time home buyer. Are there any other forms I need besides the 1098 forms?

 
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xmasbaby0
Level 15

Deductions & credits

No, the 1098 from your lender should arrive in January if you do not have it yet.  If your property tax is paid from an escrow account by the lender then that information will be on the 1098.

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.

 Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2017.  You should have a 1098 from your mortgage lender that shows this information.

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. 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Kirstin5
New Member

Deductions & credits

Thank you.  I have all my 1098 forms.  The joy of mortgage companies selling out your loan. I just entered everything that was on there for each one.
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Opus 17
Level 15

Deductions & credits

 There may be expenses on your closing statement that are not included in the 1098 you will receive from your lender. For example, when you closed, you paid a small amount of interest to care you from the closing date to the end of the month. That the daily interest is deductible but it might not be on your 1098.  Also, you probably paid a property tax adjustment to the seller that is shown on your closing statement but will not be on the 1098 from the lender. Those property taxes are deductible as if you paid them to the tax authority.  Finally, if you paid points, you can deduct them if you meet certain qualifications.  Points should be on your 1098, but if they are not, you can claim them anyway by answering the questions in TurboTax to see if you qualify. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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Kirstin5
New Member

Deductions & credits

I entered everything that was on my 1098 forms.  It didn't make a difference on my federal.  Only difference that anything made was my property tax on my state refund.  Thank you for your answer.
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