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Not eligable for new home owner tax credit..

We just bought a house, but we're not eligable for the credit (bought from family) but are there other credits or exemptions that people get who have been home owners, before this whole new credit thing? ladies, if you own a house, could you please let me know if theres anything else out there?

(Im asking because I dont think it will be wrong or illegal for anyone to answer about what other things are avaialbe for being a home owner)

Answer Question
 
Bran6903

Asked by Bran6903 at 3:14 PM on Jan. 26, 2010 in Money & Work

Level 2 (10 Credits)
Answers (4)
  • You can deduct property taxes that you paid and any mortgage interest you paid if you have enough of that to itemize. If you don't itemize you can deduct part of your property taxes. If you install energy efficient windows you may be able to deduct part of that.
    Anonymous

    Answer by Anonymous at 3:18 PM on Jan. 26, 2010

  • We JUST bought the house, like we closed in december but JUST made our first mortgage payment, so it will go for next year, right?
    Bran6903

    Answer by Bran6903 at 3:20 PM on Jan. 26, 2010

  • Call the IRS 1-800-829-1040
    Anonymous

    Answer by Anonymous at 3:29 PM on Jan. 26, 2010

  • If you didn't pay anything in 2009 then you won't have anything to deduct on your 2009 return (the one you are filing now). You may have paid something at closing in December 2009 that you can deduct, so be sure and look over your closing statement, or have a tax preparer look over your closing statement.

    You will be able to deduct what you pay in 2010 on your 2010 return (the one you will file next year), but if you aren't paying a huge amount of interest or taxes you may still be better off taking the standard deduction rather than itemizing.
    Anonymous

    Answer by Anonymous at 3:36 PM on Jan. 26, 2010

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