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As a first time home buyer you do have expenses that can be used on the tax return if you can itemize deductions.
You can deduct the mortgage interest and property tax paid in 2016 if you are able to itemized deductions. Be sure to include any points as well as mortgage insurance premiums (also known as MIP or PMI*). This information will be on the settlement statement, usually known as the HUD1, or on the year end statement from the lender. If property taxes were paid by you and not the lender you would determine that amount paid from your funds (not the escrow).
You can see if the itemized deductions might be better for you and if so you can amend your tax return. The standard deduction for married taxpayers is $12,600. The chart is attached for other filing statuses.
As a first time home buyer you do have expenses that can be used on the tax return if you can itemize deductions.
You can deduct the mortgage interest and property tax paid in 2016 if you are able to itemized deductions. Be sure to include any points as well as mortgage insurance premiums (also known as MIP or PMI*). This information will be on the settlement statement, usually known as the HUD1, or on the year end statement from the lender. If property taxes were paid by you and not the lender you would determine that amount paid from your funds (not the escrow).
You can see if the itemized deductions might be better for you and if so you can amend your tax return. The standard deduction for married taxpayers is $12,600. The chart is attached for other filing statuses.
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