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Tax Year 2016: I bought a house in 2016. Are there any first time home buyer credits?

 
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Tax Year 2016: I bought a house in 2016. Are there any first time home buyer credits?

There are no federal first-time home buyer credits for 2016.  However, there are some items you can deduct. You can deduct any interest, property taxes, and most mortgage insurance premiums that are reported on the Form 1098 Mortgage Interest statement.  

You can also deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/replies/4793767

 

Here's an alternate method to get there:

  • Federal Taxes tab (Personal in the Home and Business Version
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)


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