Tax Day: What Can Homeowners Claim? – April 15, 2024

Video Transcript

Dan Green at Homebuyer.com: It’s Tax Day. April 15th. And if you’re a homeowner, you might be claiming tax credits you never got to claim before, including costs linked to your move, and costs for making your home energy-friendly and efficient.

One thing you cannot claim, though, is any of the tax credits associated with the first time home buyer programs that are currently with Congress. That includes a $15,000 first-time home buyer tax credit, the 529(b) American Dream Down Payment Act, or any of the other tax credits available through bills like the DASH Act. And that’s because Congress has not passed any of these bills into law, with many still sitting in committee.

That doesn’t mean your mortgage won’t reduce your bill, though. As a homeowner, you may get to claim the interest that you paid on your mortgage as a deduction, and possibly the deduction for any discount points that you paid when you bought your home. Make sure to ask your accountant for proper tax advice and to learn more about all the upcoming bills for first-time home buyers with Congress, check our main channel and be sure to subscribe.

I’m Dan with Homebuyer.com. Happy homebuying