Federal Tax Credits for First Time Home Buyers? (incentive, mortgage, mortgage)

[Bhaalspawn]

Are there any federal tax credits out there for first time home buyers that could be taken with the Standard Deduction?

[2bindenver]

www.irs.gov would have the answer.

[Bhaalspawn]

I suppose so, but why go to all that trouble when people more familiar with the subject might simply be able to replay with an answer? Why have discussion forums at all?

[Lockdev]

Specifically for first-time homebuyers?

I'm no accountant, but I'm pretty sure the answer is no.

There's an IRA withdrawal penalty exemption rule that applies to first-time homebuyers though. At least it did when I bought my place a few years ago.

[patches403]

A few years back in 2008 - 2010 there was a first time homebuyer IRS credit but it's been gone for awhile. It was one of those short term tax incentives that congress passed to try and fire up the economy.

On the plus side, most new homebuyers qualify to itemize after the purchase.

[reed303]

Originally Posted by Bhaalspawn

Are there any federal tax credits out there for first time home buyers that could be taken with the Standard Deduction?

There is a "Mortgage Interest Credit" for low-income buyers.

See https://www.irs.gov/Credits-&-Deductions/Individuals