☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 10:05:12 AM

Can someone help with the first time home buyer tax break?

0 1 326
1 Best answer
Intuit Alumni
Jun 6, 2019 10:05:15 AM

There is currently no special federal tax credit for 1st time home buyers.  You can still deduct expenses related to the purchase of your home; see link below.  

Also, if you took funds out of a retirement plan to pay your down payment, you can exclude up to $10,000 from the 10% early withdrawal penalty.

Buying Your First Home  

1 Replies
Intuit Alumni
Jun 6, 2019 10:05:15 AM

There is currently no special federal tax credit for 1st time home buyers.  You can still deduct expenses related to the purchase of your home; see link below.  

Also, if you took funds out of a retirement plan to pay your down payment, you can exclude up to $10,000 from the 10% early withdrawal penalty.

Buying Your First Home