What are Homeowner Tax Credit 2018 and Refunds for First Time Homebuyers

What are Homeowner Tax Credit 2018 and refunds? What are some of the first time home buyer benefits of home ownership? In this video Susan Thetford, a Nashville native and realtor at Parks Properties of Green Hills explains the tax credit allowed for a new home bought in 2018 and which costs of purchase are allowed to deduct from taxes.

As always, am NOT an accountant and seek the council of a CPA or great tax preparer when doing your taxes... this is merely meant to inform first time home buyers of Davidson County real estate and offer answers to questions I get asked all the time.

There are many fees incurred in purchasing a home, often called closing costs . ... and some are tax deductible and some are not.

What you can deduct in the year of purchase
1 origination fee
2 interest paid on the loan
3 taxes due on the home purchase (unless the home cost over $750 in the 2018 tax year *new law)

What may NOT be deducted in the year of purchase-
inspection fees title costs
appraisal fees commission
attorney fees refinance costs

Annual deduction:
interest on the loan
property taxes

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I'm a full time, 36 year career Realtor in Nashville, Tenn. She's a proud single mom of 2 children since they were very young, a (now) Retired General Contractor, Hiking, horses, and all outdoor activities maniac, one of the few remaining Nashville natives...the inherited mom of a Cavalier King Charles Spaniel, and new Grandmother of Sofia who has stolen my heart.
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