I brought a house last year put 7500 down can I get some of that money back.

ywoods73 — Tue, 09 Jul 2019 03:22:42 GMT

Re: I brought a house last year put 7500 down can I get some of that money back.

VolvoGirl — Tue, 09 Jul 2019 04:37:55 GMT

Sorry no. Just when you sell it. You can only deduct mortgage interest and the property tax if you have enough Itemized deductions, more than the Standard Deduction

For 2018 the standard deduction amounts are:

Single 12,000 + 1,600 for 65 and over or blind

HOH 18,000 + 1,600 for 65 and over or blind

Joint 24,000+ 1,300 for each 65 and over or blind

Married filing Separate 12,000 + 1,300 for 65 and over or blind

Re: I brought a house last year put 7500 down can I get some of that money back.

xmasbaby0 — Tue, 09 Jul 2019 13:23:35 GMT

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.

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.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2018. You should have a 1098 from your mortgage lender that shows this information.

https://ttlc.intuit.com/questions/2900844-where-do-i-enter-my-1098-mortgage-interest-statement

topic I brought a house last year put 7500 down can I get some of that money back. in Deductions & credits

I brought a house last year put 7500 down can I get some of that money back.

Re: I brought a house last year put 7500 down can I get some of that money back.

Re: I brought a house last year put 7500 down can I get some of that money back.