First Time Homebuyer Credit for a Home Purchased in 2015

[sfalk1984]

I wanted to know if I purchased my home in 2015 and lived in it as our permanent residence until we sold it in 2022 during our move from NY to OH, can I claim the credit on my 2021 tax return?  I have not claimed any credit since I had owned and lived in the home on any other filed taxes.

[DoninGA]

There is not a First Time Homebuyer Credit on a federal tax return.  The last credit of this type expired after Sept. 30, 2010

[ColeenD3]

No. First, you can't claim a deduction that occurred over various years on one return. Second, as of March 6, 2022, the First-Time Homebuyer Tax Credit is still a bill and has not yet been passed into law.

[sfalk1984]

Thank you for the clarification.  I got a 1098 from my lender for a property that I purchased in OH and started making monthly payments in 2021.  It looks like I tore off some information on the bottom of the document.  Where can I obtain a new copy so that I don't forget to enter something off the 1098 on my file?  Also, I still owned a home and was paying a mortgage on my home in 2021 in NY.  We purchased the OH property (vacant lot) since we were moving from NY to OH.  We did not sell our NY home until 2022.

[AliciaP1]

You should be able to access your tax documents for your loan through your lender's website.  If you are unable to log in to your account or find the information, you should call your mortgage company to send you a copy of your form.

[sfalk1984]

Ok, because another forum member said that I cannot get this credit for a home purchased in 2015.  I have not claimed any first time homebuyer credit before, but was told that it is only for homes purchased in 2008.

[JohnW152]

That’s correct.

There was a federal First-Time Homebuyer Credit available for homes purchased in 2008.  

It wasn’t a credit in the normal sense of the word, though:  the taxpayer was generally required to repay one-fifteenth of the credit each year until it was paid off in full.  Please see the IRS’ Instructions for Form 5405 (Rev. November 2021) for more information.

@sfalk1984

[Opus 17]

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@sfalk1984 wrote:

Ok, because another forum member said that I cannot get this credit for a home purchased in 2015.  I have not claimed any first time homebuyer credit before, but was told that it is only for homes purchased in 2008.

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In 2008, first-time homebuyers could get a credit that was really loan and had to be repaid over 15 years on their tax returns.  In 2009 and 2010 the credit was changed to free money that only had to be repaid if you moved out of the house in the first 3 years.

For a house bought in 2015, there was no credit you could have claimed, then or now, and you don't owe any repayment, then or now.  

Why are you even asking?

Regarding mortgage interest, you can deduct mortgage interest on your main home and one second home.  You can't deduct interest on vacant land.  The land you bought in Ohio in 2021 does not count for the mortgage interest deduction unless there is a home on the land (a mobile home would be OK, but vacant land is not allowed), or you are building a home and you have a construction loan (but only if the home is completed and you move in within 2 years).