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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