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rush-mariah
New Member

What are all the tax breaks I can receive for being a first time home buyer in 2017?

 
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VolvoGirl
Level 15

What are all the tax breaks I can receive for being a first time home buyer in 2017?

You can deduct your mortgage interest and property tax if all your deductions are more than the Standard Deduction .  Your state might have a First Time Homebuyer Credit but not the Federal.

For 2017 the standard deduction amounts are:
Single 6,350 + 1,550 for 65 and over
HOH 9,350 + 1,550 for 65 and over
Joint 12,700 + 1,250 for each 65 and over
Married filing Separate 6,350 + 1,550 for 65 and over

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VolvoGirl
Level 15

What are all the tax breaks I can receive for being a first time home buyer in 2017?

You can deduct your mortgage interest and property tax if all your deductions are more than the Standard Deduction .  Your state might have a First Time Homebuyer Credit but not the Federal.

For 2017 the standard deduction amounts are:
Single 6,350 + 1,550 for 65 and over
HOH 9,350 + 1,550 for 65 and over
Joint 12,700 + 1,250 for each 65 and over
Married filing Separate 6,350 + 1,550 for 65 and over
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