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    klock60's Avatar
    klock60 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 5, 2013, 08:05 AM
    First time homebuyer
    Are there any tax benefits for a first time homebuyer. Or benefits for a homebuyer in general?

    Thanks,

    Kevin
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 5, 2013, 08:09 AM
    Not sure what you are referring to. But homeowners can deduct property taxes and mortgage interest on their tax returns.

    There used to be some benefits for first time buyers on a federal and state level, ask your real estate agent about them.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #3

    Sep 5, 2013, 08:17 AM
    Yes, homebuying is the single most wonderful American way of getting somewhere financially. You deduct the interest on your taxes. You hopefully build equity while living in it, and sell it someday at a profit, often more than once in your life, and have it to borrow against if you need to.

    For a first time purchase, just ask any bank about what's available for you. States have their own programs.

    As for the federal 'first time home buyer credit' on your taxes (aside from the interest on the mortgage), that program is no longer available.
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