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cblawat18
New Member

I purchased my first home feb 2017. Is there a first time home buyer credit and is there a checklist of things we can deduct?

 
2 Replies
DoninGA
Level 15

I purchased my first home feb 2017. Is there a first time home buyer credit and is there a checklist of things we can deduct?

There is not a federal first time homebuyers credit.

You can deduct on Form 1040 Schedule A as itemized deductions - Mortgage Interest, Mortgage Insurance, Property Taxes, Points paid on the new loan.  Other fees paid at closing are added to the basis of the home when sold.

Some settlement fees and closing costs you can include in your basis are: Abstract fees (abstract of title fees), Charges for installing utility services, Legal fees (including fees for the title search and preparing the sales contract and deed), Recording fees, Survey fees, Transfer or stamp taxes, and Owner's title insurance.

Note that your Total itemized deduction on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2017 

  • Single - $6,350 add $1,550 if age 65 or older
  • Married Filing Separately - $6,350 add $1,250 if age 65 or older
  • Married Filing Jointly - $12,700 add $1,250 for each spouse age 65 or older
  • Head of Household - $9,350 add $1,550 if age 65 or older
xmasbaby0
Level 15

I purchased my first home feb 2017. Is there a first time home buyer credit and is there a checklist of things we can deduct?

Home Ownership

deductible

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, private mortgage insurance and loan origination fees (“points”) that you paid in 2016.  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. 



https://ttlc.intuit.com/questions/2900844-where-do-i-enter-my-1098-mortgage-interest-statement

**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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