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
Head of household is a filing status for single or unmarried taxpayers who have maintained a home for a qualifying person, such as a child or relative. This filing status provides a larger standard deduction and more generous tax rates for calculating federal income tax than the Single filing status.
What does it mean to be an enrolled agent? Learn more about the roles and requirements of enrolled agent (EA) tax preparers at H&R Block.
Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.
What happens to your taxes after marriage? Learn how marriage can lead to changes in tax filing and returns at H&R Block.