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New Member
posted May 31, 2019 11:26:16 PM

Bought a home last year. Do we get a tax break for this?

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Level 7
May 31, 2019 11:26:17 PM

For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.

Enter the above expenses in the following areas:

1.   Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest, Refinancing, and Insurance (you may receive a 1098 statement from your lender for this)

2.   Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- (See Did you pay points in 2016 when you took out the loan?) page

3.  Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4.   Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Interest, Refinancing, and Insurance

To determine if some of the above deductions are designated on your closing statement, see What Information Do I Need From My HUD Statement?