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plpinkney
New Member

I am a first time home buyer in 2016. Are there any deduction associated with a first time home buyer, or moving expenses in 2016.

 
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KarenL2
Level 5

I am a first time home buyer in 2016. Are there any deduction associated with a first time home buyer, or moving expenses in 2016.

There are items you can deduct from your Settlement Statement.  You can deduct any interest, property taxes, and most mortgage insurance premiums that are reported on the Form 1098 Mortgage Interest statement.  You can also deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/replies/4793767

 

Here's an alternate method to get there:

  • Federal Taxes tab (Personal in the Home and Business Version
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)

Moving Expense

You can only deduct moving expenses if they were incurred for a job that was 50+ miles away per the distance test below.

The distance test: Your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.

This IRS Publication may be helpful too IRS Pub 521 Moving Expenses

This link has more information on where to deduct Moving Expenses in Turbo Tax https://ttlc.intuit.com/replies/3302119


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