Tax Deductions For First-Time Homebuyers

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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

#taxes #taxfreeliving #taxexpert #taxreduction

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Are you a first-time homebuyer?

Here's are some tax deductions that can help you save more on paying taxes.

In this video we discuss: Standard Deductions and itemized deductions for single filers and married filing joint for first-time homebuyers.

Watch this video to avoid overpaying to Uncle Sam and making the most out of yourself and your home!

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

[Ms_Gfannin]

This should be presented in high school!!! All of this time I never really understood any of this… then i watched this video and it all makes sense! Thank you for this knowledge sharing!

[remondjacquet]

in 12 minutes you explained what I did not understand for more than 12 years, Great video!!

[christopherbellboy]

I used to be a volunteer tax preparer and you explained this perfectly

[lailas.]

It's the level of detail and breakdown for me. Excellent video, sir! Bravo and thank you 👏🏽

[terilaw]

You just saved me $250!!! I was supposed to see a tax guy tomorrow but watched your video. I knew I didn’t have $25000 in deductions since I just bought my house a few years ago. So I did my taxes (late) and yes, I ended up taking the standard deduction. Filed my taxes, and canceled the tax guy! Thank you!!!!

[armondtodd]

Great video! You're a great teacher. I learned a lot. Brought a brand new house last year and learning the tips before filing my taxes.

[polvora]

As a first home owner this video was very helpful . Thank you for all the information

[luisguevara]

This bid is really good. I suggest that in the future, to use numbers that don’t compute to the same number. The example of the medical expense has 7, 500 for the amount of the personal threshold and 7, 500 for the amount you can deduct. It just makes it confusing for someone that is not familiar with the math you are doing. I will keep watching your vids. This one was informative and to the point.

[MrPhoboy]

there are levels to this game. i am glad their people like Karlton Dennis spreading knowledge to us.

[christinabrito]

Amazing Im a new home owner. Also working in getting my real state license anddd getting into taxes! I loved the way you explain everything. Im here to stay!!!

[jaykoski]

Can you make a video about the mortgage credit certificate? It’s a little known tax credit for first time homebuyers that could benefit a lot of people here.

[jayq]

Really appreciate your clear explanation of itemized deductions Karlton!

[Feymorales]

So the standard deduction is the best option either way if you only have 1 property and don’t have medical bills?

[bueno-djkk]

thank u sir yes tones of value i gained so much knowledge in that short amount of time then i did in 12 years of public school now all i can think of is how to i get the younger ones in my family to listen to things like this.

[sigma]

The standard deduction isn’t an incentive. It exists because the government understands every American is and should be entitled to a standard set of deductions without making you spend the time itemizing, i.e. Sales Tax, almost every American pays sales tax at some point or another, but no one wants to save every receipt (unless you know you’re going to exceed the standard deduction).

[damonleeb]

“The government wants to help you” 🤣🤣🤣🤣🤣 comical lol

[cloveeyyyy]

I'm 23 and looking to buy a home and this helped a lot. Thanks!!

[dlw]

I don't pay taxes like a working man, I'm retired but bought a house in Oct, 2023 in Calif. My question is I normally don't have anything to be taxed on being on SS, and low income can I get anything back now that I bought a home, like property tax?

[goodsnog]

Awesome explanation now im wondering do i even need to file/report the 1098 if it doesnt make or break anything.??

[BellottiSchrader]

Thank you, Thank you, Thank for providing visual examples! As a visual person this helps so much! I'm now a new subscriber.