I purchased a Co-op in 2023 in New York State, first time homeowner, how can I maximize my credits? Thanks

[EleanoreS]

Good day clacor1,

Congratulations on the purchase of your co-op.

You may be able to itemize and claim deductions related to your co-op by filling out Schedule A for the IRS and form IT-196 for NYS.  You should be able to claim mortgage interest and points, which will be reported to you on Form 1098.  As the owner of a co-op you should also be able to deduct your share of the co-op's real estate tax and interest on the underlying mortgage if the is one.  The amount you can deduct is based on the number of shares your own.  This information should be reported to you by the co-ops management board or accountant.  

Here is a link to an article with information for first time homebuyers that you may find helpful.

Thank you for reaching out to the TurboTax Community