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how do i claim the tax exemption on turbo tax for purchasing my first home using my savings account

im not allowed to select purchase of a new home
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3 Replies

how do i claim the tax exemption on turbo tax for purchasing my first home using my savings account

The purchase of a personal residence, not used as a rental, is not reported on a tax return.  Only when the residence is sold would it reported on a tax return, if over the exclusion amounts.

how do i claim the tax exemption on turbo tax for purchasing my first home using my savings account

There’s a$10,000 penalty exemption for early withdrawal from an IRA to buy your first home. Is that what you’re asking about?

how do i claim the tax exemption on turbo tax for purchasing my first home using my savings account

maybe your state offers something, but there's no tax exemption or credit for federal purposes for a current home buyer 

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