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Level 1
posted Oct 25, 2023 10:09:15 AM

FIRST TIME HOME OWNER

Hi there, I purchased a co-op in 2023 in New York State, I am a first-time homeowner and single, no dependents How can I maximize my credits and what kind of credits are available for someone in my situation?

Thanks

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1 Replies
Employee Tax Expert
Oct 25, 2023 10:21:35 AM

Congratulations and thank you for your question.  There may be some tax benefits to your new home purchase.  The main area of possible benefits will be with your Schedule A itemized deductions.  You now have mortgage interest and real estate taxes paid on main home that can be utilized.  I will attached a link to the Schedule A Itemized Deductions.  I recommend to take a look and keep track to see if it makes a difference to put you over the standard deduction amount.  The key is to chose the higer one (itemized vs standard).  I will also include a link to an article from TurboTax site that focuses on buying your first home.  Have a great day!

 

From TurboTax "Buying Your First Home" 

From IRS "Buying your first home"