I purchased a home in 2016 do I receive any type of credit for that?

tamiwhitener — Thu, 06 Jun 2019 09:23:12 GMT

For the home purchase, the deductions that are available...

PaulaM — Thu, 06 Jun 2019 09:23:13 GMT

For the home purchase, the deductions that are available to you would be interest, real estate taxes, points and private mortgage insurance. You may have received a Form 1098 for the interest and points. Enter in the Your Home section under Deductions & Credits.

Other Items on closing disclosure form that may be deductible:

interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment).
real estate taxes charged to you.
points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home.
private mortgage insurance but, if prepaid, only the amount allocable to this year based on an 84-month amortization.

Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home, and not deductible.

https://www.irs.gov/pub/irs-pdf/p936.pdf

topic I purchased a home in 2016 do I receive any type of credit for that? in Deductions & credits

I purchased a home in 2016 do I receive any type of credit for that?

For the home purchase, the deductions that are available...