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How come we are not getting the tax credit for purchasing our home in September 2017 ?
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June 6, 2019
8:26 AM
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Deductions & credits
Unfortunately, there is no special credit available for purchasing a home. However, you can deduct your mortgage interest and property taxes. Because you purchased the home in September, you only have interest and taxes for a few months. Next year in 2018, when you will have a full year of interest and taxes, you are more likely to see a tax benefit.
Mortgage interest and property taxes are itemized deductions. The total of your itemized deductions must be larger than your standard deduction before you will see a change in your refund.
June 6, 2019
8:26 AM