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?
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!
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