tax credits and deductions for new home owners?
what tax deductions or credits are there for new home owners for 2008?
- Aydens MommyLv 51 decade agoFavorite Answer
the deductions you can now get pertain to itemizing. you can deduct your mortgage interest and real estate taxes and points on your mortgage. you can also deduct some closing costs.
the only credits that might be availiable are if you installed energy saving windows, etc..
- Anonymous1 decade ago
The above post was right, you can look at schedule A (points, PMI, interest and property taxes). The first year you don't always have enough to itemize.
If you don't itemize, 2008 has a one-time deal to deduct $500 of property taxes anyway.
The energy credits, by the way, SKIPS 2008. No 10% credit for putting in new windows or insulation.
- mcintydeLv 44 years ago
as properly to loan interest, particularly factors tax paid additionally counts as an itemized deduction. in case you acquire your place after 4-8-08, you may qualify for the 1st Time Homebuyer credit. it is in lots of cases worth as much as $7,500, yet there are strings proper. it is particularly an interest loose loan which will desire to be repaid over the subsequent 15 years, and in case you progression the completed quantity turns into due. Edited to function: I forgot to coach that fairly the various above suggestions are incorrect relating to the own capacity factors credit (ie: a credit of as much as $500 living living house living house windows, heat temperature pumps, etc.). That credit could be obtainable decrease back for 2009. nut grew to advance into into now no longer obtainable for 2008.
- Just MeLv 41 decade ago
There's a new tax credit that's basically an intrest free 15-yr loan up to $7,500 or 10% of purchase price for first time homeowners. I'm excited about it! :)