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I sold some investments to buy a house. Can I get a credit if this is first house I bought myself?

 
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I sold some investments to buy a house. Can I get a credit if this is first house I bought myself?

No. There is no special credit for a first time home buy. The First Time Homebuyer's Credit expired in 2010.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

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3 Replies

I sold some investments to buy a house. Can I get a credit if this is first house I bought myself?

No. There is no special credit for a first time home buy. The First Time Homebuyer's Credit expired in 2010.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

I sold some investments to buy a house. Can I get a credit if this is first house I bought myself?

Maybe I worded this wrong as TurboTax specifically asked.   My husband passed a few years ago.   I cashed in a Roth ira I inherited and another I had and TurboTax said there was a possibility I might not have to pay a penalty if I used toward buying a house,  which i did. This is the first house I've bought by myself.

I sold some investments to buy a house. Can I get a credit if this is first house I bought myself?

There is an exception to the penalty for early withdrawal from an IRA for a first time home purchase, It is not a deduction or a credit, and Turbotax will ask about that.

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