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
Related Resources
Can you claim both a standardized deduction and itemized expenses? Learn more from the tax experts at H&R Block.
Can you deduct moving expenses only if you buy a home in a new location? How about renting an apartment? Get answers from the tax experts at H&R Block.
Can you file taxes this year without having filed last year? Learn more from the tax experts at H&R Block.
Learn if you can deduct Medicare premiums with advice from the tax experts at H&R Block.
