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We closed on our new home on Dec 26th, 2017. Will we get the tax credit for being a new homeowner this year?

 
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We closed on our new home on Dec 26th, 2017. Will we get the tax credit for being a new homeowner this year?

There are no tax credits for being a new homeowner on a federal tax return.

You can deduct as itemized deductions any mortgage interest or property taxes paid at closing on the home.

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We closed on our new home on Dec 26th, 2017. Will we get the tax credit for being a new homeowner this year?

There are no tax credits for being a new homeowner on a federal tax return.

You can deduct as itemized deductions any mortgage interest or property taxes paid at closing on the home.

We closed on our new home on Dec 26th, 2017. Will we get the tax credit for being a new homeowner this year?

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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