557622
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jtal6956
New Member

What can I claim on my closing cost if I am a first time home owner? The property taxes paid at closing, are the included in the 1098-MORT "real estate taxes"?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

What can I claim on my closing cost if I am a first time home owner? The property taxes paid at closing, are the included in the 1098-MORT "real estate taxes"?

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.**
Carl
Level 15

What can I claim on my closing cost if I am a first time home owner? The property taxes paid at closing, are the included in the 1098-MORT "real estate taxes"?

Be very very careful here. Sometimes the lender will include property taxes and interest you paid which is listed on the closing statement or HUD-1 (whichever you got at the closing) in the 1098 you receive. So if unsure, CALL THE LENDER and ask. Otherwise if you unknowing "double-dip" the IRS will fine you for reporting it wrong.
On the HUD-1 the prepaid property taxes are the totals of lines 106 and 107. For line 108, not all adjustments are deductible. So that's why I don't include that.
For deductible interest that may or may not be included on your 1098, that's on line 901.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question