Solved: I bought my first house in Nov 2016 in Oregon. Don't I get an incentive or reimbursement as a first time homebuyer?
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I bought my first house in Nov 2016 in Oregon. Don't I get an incentive or reimbursement as a first time homebuyer?

 
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I bought my first house in Nov 2016 in Oregon. Don't I get an incentive or reimbursement as a first time homebuyer?

No. There is no special treatment for a first time homebuyer. The first time home buyer's credit expired in 2010 and congress did not renew it.

What you get is the ability to claim mortgage interest, points, and real estate property taxes as itemized deductions. If you buy late in a year and don't pay much of those, there likely will be no tax benefit that year. Itemized deductions provide no tax benefit until all of them added together are more than your standard deduction.

2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.

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Alumni

I bought my first house in Nov 2016 in Oregon. Don't I get an incentive or reimbursement as a first time homebuyer?

No. There is no special treatment for a first time homebuyer. The first time home buyer's credit expired in 2010 and congress did not renew it.

What you get is the ability to claim mortgage interest, points, and real estate property taxes as itemized deductions. If you buy late in a year and don't pay much of those, there likely will be no tax benefit that year. Itemized deductions provide no tax benefit until all of them added together are more than your standard deduction.

2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.

View solution in original post

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