{"id":26618,"date":"2022-10-21T08:00:56","date_gmt":"2022-10-21T13:00:56","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=26618"},"modified":"2022-09-29T13:15:51","modified_gmt":"2022-09-29T18:15:51","slug":"what-your-clients-can-deduct-when-they-buy-their-first-home","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/what-your-clients-can-deduct-when-they-buy-their-first-home\/","title":{"rendered":"What your clients can deduct when they buy their first home"},"content":{"rendered":"<p>Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. You can help your clients who are first-time homeowners to become familiar with authorized deductions, programs that can assist with home ownership, and the use of housing allowances.<\/p>\n<p>When it comes to home ownership, the IRS considers a home to be a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains a sleeping space, toilet, and cooking facilities.<\/p>\n<p>Most home buyers take out a mortgage loan to buy their home, and then make monthly payments to the mortgage holder. This payment may include several costs of owning a home. The only costs the homeowner can deduct are:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.irs.gov\/publications\/p530#en_US_2021_publink100011838\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">State and local real estate taxes<\/a>, subject to the $10,000 limit.<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/publications\/p530#en_US_2021_publink100011857\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Home mortgage interest<\/a> within the <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-3\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">allowed limits<\/a>.<\/li>\n<li><a href=\"https:\/\/www.irs.gov\/publications\/p530#en_US_2021_publink100032671\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Mortgage insurance premiums<\/a>.<\/li>\n<\/ul>\n<p>Taxpayers must file a Form 1040 or <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1040s.pdf\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Form 1040-SR<\/a>, <em>U.S. Income Tax Return for Seniors<\/em>, and\u00a0<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-a-form-1040\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">itemize their deductions<\/a>\u00a0to deduct home ownership expenses. However, taxpayers can\u2019t take the\u00a0<a href=\"https:\/\/www.irs.gov\/taxtopics\/tc551\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">standard deduction<\/a>\u00a0if they itemize.<\/p>\n<h2>Non-deductible payments and expenses<\/h2>\n<p>Homeowners can\u2019t deduct any of the following items:<\/p>\n<ul>\n<li>Insurance, other than mortgage insurance, including fire and comprehensive coverage, and title insurance.<\/li>\n<li>The amount applied to reduce the principal of the mortgage.<\/li>\n<li>Wages you pay for domestic help.<\/li>\n<li>Depreciation.<\/li>\n<li>The cost of utilities, such as gas, electricity, or water.<\/li>\n<li>Most <a href=\"https:\/\/www.irs.gov\/publications\/p530#en_US_2021_publink100011939\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">settlement or closing costs<\/a>.<\/li>\n<li>Forfeited deposits, down payments, or earnest money.<\/li>\n<li>Internet, Wi-Fi system, or service.<\/li>\n<li>Homeowners\u2019 association fees, condominium association fees, or common charges.<\/li>\n<li>Home repairs.<\/li>\n<\/ul>\n<h2>Mortgage interest credit<\/h2>\n<p>The mortgage interest credit is meant to help individuals with lower income afford home ownership. <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8396\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Those who qualify can claim the credit each year<\/a> for part of the home mortgage interest paid.<\/p>\n<p>A homeowner may be eligible for the credit if they were issued a qualified Mortgage Credit Certificate (MCC) from their state or local government. An MCC is issued only for a new mortgage for the purchase of a main home. The MCC will show the certificate credit rate the homeowner will use to\u00a0<a href=\"https:\/\/www.irs.gov\/publications\/p530#en_US_2021_publink100011911\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">figure their credit<\/a>. It will also show the certified indebtedness amount and only the interest on that amount qualifies for the credit.<\/p>\n<h2>Homeowners Assistance Fund<\/h2>\n<p>The <a href=\"https:\/\/home.treasury.gov\/policy-issues\/coronavirus\/assistance-for-state-local-and-tribal-governments\/homeowner-assistance-fund\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Homeowners Assistance Fund<\/a> provides financial assistance to eligible homeowners for paying certain expenses related to their principal residence to prevent mortgage delinquencies, defaults, foreclosures, loss of utilities or home energy services, and also displacements of homeowners experiencing financial hardship after Jan. 21, 2020.<\/p>\n<h2>Minister or military housing allowance<\/h2>\n<p><a href=\"https:\/\/www.irs.gov\/publications\/p517#en_US_2021_publink100033607\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Ministers<\/a> and and <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-3\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">members of the uniformed services<\/a> who\u00a0receive a nontaxable housing allowance can still deduct their real estate taxes and home mortgage interest. They don\u2019t have to reduce their deductions based on the allowance.<\/p>\n<p><b>More information<\/b>:<br \/>\n<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-530\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Publication 530<\/a>, <em>Tax Information for Homeowners<\/em><br \/>\n<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-936\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Publication 936<\/a>, <em>Home Mortgage Interest Deduction<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Help your clients who are first-time homeowners to get the maximum tax deductions.<\/p>\n","protected":false},"author":104275893,"featured_media":26619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[509474089],"tags":[296150],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-26618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-life-changes"],"header_image":"","yoast_head":"<!-- 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