I purchased a home last year and I don't know how to put that information in to receive the tax break . Anyone know what section I should be putting this information at?

[Marketstar]

Yes, you can enter points (or origination fee) mortgage interest, mortgage insurance, and property taxes paid in the below area:

·       Type in mortgage interest in the search box, top right of your screen

·       Hit the Enter key

·       Click jump to mortgage interest in the search results

·       Follow the prompts and online instructions

Make sure you are past the blue Pick up where I left off button before you enter the above

If you made mortgage payments in 2017, you should have received a 1098 mortgage statement to enter in the above area.

The following items on a HUD-1 statement are also deductible.

Lines 210 and 211 have county and city property tax info. This should be added to any other property tax paid during the year

Lines 801 and 802 are mortgage points.

Line 901 is daily mortgage interest

Line 902 is mortgage insurance premium

[jdthoquendo]

So the $8k tax break that a couple people have mentioned to me , is not true for the first time purchase of a home? I've entered my 1098 but I didn't find anything for the actual Loan I made to purchase my first home.

[xmasbaby0]

The first time homebuyer credit has been gone since 2010.  If you are seeing something in the software about it, it is for people who received that credit before it was eliminated.  If your state has a first time home buyer credit you will be able to enter it when you prepare your state return.

[xmasbaby0]

Home Ownership

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 2017.  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