I purchased a home in august of 2013, Will there be a tax credit for me when filling in January?

Asked by Infinity_kc, Raytown, MO Thu Oct 10, 2013

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Dixon Wong, Agent, Dallas, TX
Fri Oct 11, 2013
You Lender will send you the year end statement end of the year. Its call the "1098"

You can deduct the mortgage interest and property tax paid in your tax return.

0 votes
Celine F, , Louisiana
Thu Oct 10, 2013
Online tax filing or tax softwares are usually pretty updated. Answer the questions along the way and plug in your numbers to see.
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Dallas Texas, Agent, Dallas, TN
Thu Oct 10, 2013
Confer all your questions to CPA

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, ,
Thu Oct 10, 2013
Hello Infinity.....

There are some things that you can write off on your taxes... Provide your tax preparer with your HUD-1 and the interest statement you get from the bank.... likely to not come in January.

Tom Burris
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Kenneth "Ken…, Agent, Dallas, TX
Thu Oct 10, 2013
You really need to talk with a tax preparer.
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Cheryl Mcneil, Agent, Garland, TX
Thu Oct 10, 2013
Not sure about MO but in TX, this is how it works. When you close, a credit is given to you from the seller for taxes that would be due from Jan 1 to the date of closing. So you have funds from the seller to go into an escrow account set up by your lender for the collection and payment of taxes and homeowner's insurance as those become due. So, unless you purchased through a special government program of some sort, all the tax funds you had coming to you have already been credited. If you do not have a escrow account, that's a whole other story. When taxes com due, you'll have to write the check.
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, ,
Thu Oct 10, 2013
There are no homebuyer tax credits that I am aware of anymore. However, you can generally deduct any mortgage interest you pay this year as well as certain expenses paid when buying the home.

This is a question for your tax guy or CPA when it comes tax time. As always, keep copies of all your paperwork.

And congrats on becoming a homeowner!
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Tim Moore, Agent, Kitty Hawk, NC
Thu Oct 10, 2013
Not sure about a tax credit or what that would be for, but you will likely have deductions that can be made on your 2013 return. See a tax adviser about it.
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