Hello, i purchased the House in TX and close date was in Nov2016. I would like to know about tax exemption, when and how do i need to apply?

[aabishev3]

Hello, i purchased the House in Texas and close date was in Nov2016. I would like to know about tax exemption, when and how do i need to apply, is this has to be done before New 2017 year or after this , so Tax will be reduced in 2017 Tax return.

Thanks

[jerry2000]

What tax exemption are you asking about?
The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

[aabishev3]

Im talking about homestead exemption for 2017 tax year

[Lisa995]

Is there a property tax exemption in your county that you need to apply for?  We have one here in our county, its not part of the income tax return, you need to contact your county assessors office.

[aabishev3]

homestead exemption for the following year.

[jerry2000 · Accepted solution]

Homestead exemption is something between you and your county. It is not an income tax matter. Contact your county assessor's office to find out how to apply for it.