I recently bought a home, in mid December. I wanted to know if there is any sort of tax credit I can use. We only had $500 down. I am a first time home buyer. I am in the state of Idaho. Are there any web sites I could check?
Tax credit for new home?
If you bought the house in December, you probably won't see any lowering of your tax bill for 2007.
There are no credits when you buy, only itemized deductions for interest, points, pmi and property taxes. If the total is less than your standard deduction (which it generally is the first year), then you take the standard deduction. If you do not itemize in year one, you can pro-rate the points over the life of the loan.
ginkgo
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