I have a question about first time home buyer taxes. Is there a first time home buyer tax credit available?

As a first time homebuyer, tax credit is not necessarily available to you. However, as a first time homeowner taxes may reduced by itemizing your tax return. This is true even if you are not a first time homeowner. if you itemize, you can claim some deductions that are available to homeowners:

  • Mortgage interest credit -- if you were issued a mortgage credit certificate  
  • Mortgage interest deduction
  • Real estate tax deduction
  • Points paid to reduce your mortgage interest rate
  • Qualified mortgage insurance premiums

 

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Calculators

So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.

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