Purchased a home

Shan76

I just purchased a hone a few mos ago. How do I know what or if I get deductions? Thanks

BreannaM

Hello!

There usually aren't any specific deductions for buying a new home, but there are some you can claim as a homeowner! If you itemize your deductions, you can deduct state and local real estate taxes and home mortgage interest up to the allowed limits. If you received a Mortgage Credit Certificate from your state or local government, you might also be able to claim the Mortgage Interest Credit. You would receive that certificate if you paid any home mortgage interest.

You can read more about these here:

https://www.irs.gov/newsroom/tax-benefits-for-homeowners

You can also use this tool on the IRS website to check which mortgage-related expenses you qualify for:

https://www.irs.gov/help/ita/can-i-deduct-my-mortgage-related-expenses