First Time Home Buyers Credit - First payment not till Jan 2021

[Investortim]

I've used Turbotax past couple of years with same employer so I had no issues loading all my information in. I purchased a home and closed end of December 2020 but my first payment wasn't until January 1 2021. It's not informing me of any first time home buyer credit. Did I enter something in incorrectly or is not appearing because my first payment wasn't until 2021?

[xmasbaby0]

There has not been a federal first time homebuyer credit available to a new home buyer since 2010.   What you are seeing in the federal software has nothing to do with the home you just purchased in 2020.

Unless you paid some mortgage interest, property tax, loan origination fees or private mortgage insurance in 2020 you do not have to enter anything about the home you purchased at the end of 2020 on your 2020 return.

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.