Question

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

Answer

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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