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alendizon
New Member

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

 
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Accepted Solutions
xmasbaby0
Level 15

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

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.

 Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2017.  You should have a 1098 from your mortgage lender that shows this information.

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. 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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7 Replies
DoninGA
Level 15

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

The purchase of a personal residence, not used as a rental or in a business, is not reported on a tax return.  Only when the personal residence is sold would the sale be reported and only then if the gains exceeded the exclusion amounts.
xmasbaby0
Level 15

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

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.

 Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2017.  You should have a 1098 from your mortgage lender that shows this information.

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. 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
JulieH1
New Member

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

Yes.

Any expenses you paid for the home and interest in 2017 is deductible.

JulieH1
New Member

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

I assumed you meant for mortgage interest, taxes, points, etc. which are deductible.
SweetieJean
Level 15

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

You can also deduct property taxes paid. Not all closing costs are deductible, though. PMI is no longer deductible.
stephen042171
New Member

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

I had the same question and I think the person and I both mean whether the interest/taxes can be deducted since we didn’t own all year. Thanks.
xmasbaby0
Level 15

I purchased and moved into a new home nov.21, 2017. Am I able to claim this for my 2017 taxes?

Whatever interest you paid in 2017 can be entered.  If it was only for a short time, it may not affect your refund since you may not have enough itemized deductions to exceed your standard deduction.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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