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weediejoyce89
New Member

How come we are not getting the tax credit for purchasing our home in September 2017 ?

 
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DawnC0
Intuit Alumni

How come we are not getting the tax credit for purchasing our home in September 2017 ?

Unfortunately, there is no special credit available for purchasing a home.  However, you can deduct your mortgage interest and property taxes.  Because you purchased the home in September, you only have interest and taxes for a few months.  Next year in 2018, when you will have a full year of interest and taxes, you are more likely to see a tax benefit.

Mortgage interest and property taxes are itemized deductions.  The total of your itemized deductions must be larger than your standard deduction before you will see a change in your refund.     

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1 Reply
DawnC0
Intuit Alumni

How come we are not getting the tax credit for purchasing our home in September 2017 ?

Unfortunately, there is no special credit available for purchasing a home.  However, you can deduct your mortgage interest and property taxes.  Because you purchased the home in September, you only have interest and taxes for a few months.  Next year in 2018, when you will have a full year of interest and taxes, you are more likely to see a tax benefit.

Mortgage interest and property taxes are itemized deductions.  The total of your itemized deductions must be larger than your standard deduction before you will see a change in your refund.     

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