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01-25-2012, 11:59 AM | #1 |
Im Charming
Join Date: May 2008
Location: The Mitten
Posts: 42,053
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ok, ive been trolling the IRS website trying to find an answer and cant, so logically Ill ask tankers for an answer ;)
I know many of you are home owners so heres my question: I purchased my house and closed on it December 22 of 2011. However I dont have to make the first payment till February 1st of 2012. How will this work for my taxes? I think the first time home owner tax credit is over with, but shouldnt I be able to claim this on my taxes? Will i have to wait till next year since Im not making my first payment till 2012? I know you can claim the interest or something, but dont they consider buying a home a "change of life event?" Also My gf and I bought the house, so both of our names are on it. How the heck is this going to work? i think i need to call H&R Block.... |
01-25-2012, 12:08 PM | #2 |
#voteblackjack
Join Date: Sep 2008
Location: Northwood, NH
Posts: 35,747
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I think you'd have to wait until next year to claim it since the it falls into the 2012 tax year.
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01-25-2012, 12:52 PM | #3 |
Btchin RckStr Frm M.A.R.S
Join Date: Aug 2008
Location: Castle McCullen
Posts: 6,127
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You won't get the tax credit, but you will decrease your taxable income significantly depending on how much in interest you pay this year. What this does is it decreases your taxable liability increasing your chances of not owing and / or getting something back.
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