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Can I Get a Tax Break for Buying my First Home in 2016?

NikkiQSM

Quite Involved in Discussions
#1
Hello All -

Tax season is upon us and as I am gearing up to do my taxes, I was curious if I am going to be eligible for any sort of tax breaks or credits for my first home, which I bought last year.

I know the First Time Home Buyers Credit was only around until 2010 - but I wasn't sure if there was any breaks currently that I will be able to tax.

Thanks,
Nikki
 
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Miner

Forum Moderator
Staff member
Admin
#2
If you itemize your return, you can deduct the mortgage interest from 2016. I am not certain about points and such. If you use Turbo tax or similar, they walk you through it.
 

Marc

Hunkered Down for the Duration with a Mask on...
Staff member
Admin
#4
I agree - I use Turbotax for my personal return but an accountant does the corporations. Then again, Tracey has 2 homes and she goes to H&R Block because of the details in her return.
 

Ninja

Looking for Reality
Staff member
Super Moderator
#5
Seconding the comments above (does that make it "fourth-ing"? )

Either use a tax preparer (HR Black or similar) or use TurboTax.

Pull out all of your closing paperwork and look at all of the non-recoverable expenses (points, fees, commissions, FedEx fees, Inspection fees, the works...) and look for where to claim those. TurboTax has a lot of knowledge base articles and helps for this.

Not all will be deductible, but many will be.
You should receive a separate Mortgage interest statement (Form 1098) from your Mortgage lender...that can be listed as a deduction as well.

Depending on when you bought the house, you may be better off claiming the standard deduction or going to itemized deductions...it depends on how much in other deductions (including mortgage interest) you have.

Most folks I have worked with start itemizing the first year...the points put you over the top.
Once you are itemizing...look at what else is deductible that you never bothered with before:
- Charitible giving
- Medical expenses
- mileage to charities
- clothing donations to Goodwill
- Real Estate taxes on your house
- School taxes
- Last year's State taxes (many miss this one)
- etc.

Turbotax has the "ItsDeductible" aspect that can walk you through all of that.

Just remember that the IRS now requires TWO forms of proof for donations and most other things. A cancelled check and a statement from the charity = 2. A receipt and a picture of the clothes = 2, etc.

If you use Turbotax this year...next year will be even easier since Turbotax will import all the data as a starting point (assuming you don't change computers in the mean time).
 
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