FIRST TIME HOME OWNER

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Hi there, I purchased a co-op in 2023 in New York State, I am a first-time homeowner and single, no dependents How can I maximize my credits and what kind of credits are available for someone in my situation?

Thanks

Ask the Experts - Extension - Sept 2023

carmen_t

Level 5

Congratulations and thank you for your question. There may be some tax benefits to your new home purchase. The main area of possible benefits will be with your Schedule A itemized deductions. You now have mortgage interest and real estate taxes paid on main home that can be utilized. I will attached a link to the Schedule A Itemized Deductions. I recommend to take a look and keep track to see if it makes a difference to put you over the standard deduction amount. The key is to chose the higer one (itemized vs standard). I will also include a link to an article from TurboTax site that focuses on buying your first home. Have a great day!

From TurboTax "Buying Your First Home"

From IRS "Buying your first home"