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Hi I brought a new home in 2016 what else can I deduct.

 
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3 Replies
KatrinaB
Intuit Alumni

Hi I brought a new home in 2016 what else can I deduct.

Please view the Turbo Tax FAQ below for more information about tax deductions you can take for home ownership.

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Home-Ownership-Tax-Deductions/INF12005...

Please view the IRS link below for more information about home ownership tax deductions.

https://www.irs.gov/pub/irs-pdf/p530.pdf

Hi I brought a new home in 2016 what else can I deduct.

I am filing 2016 now I brought a new  home in 2016 what can I claimd

Hi I brought a new home in 2016 what else can I deduct.

@Esther Fogenay 

Hope you are using the downloaded software for 2016 to prepare that 2016 return, since you cannot use the current online software.  Online is only for a 2018 return.  Your 2016 return must be prepared using the desktop software for 2016 and it will have to be printed, signed and mailed.

 

As for homeownership:

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.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance, and loan origination fees (“points”) that you paid in 2016.  You should have a 1098 from your mortgage lender that shows this information.

 

https://ttlc.intuit.com/questions/2900844-where-do-i-enter-my-1098-mortgage-interest-statement

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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