Filing Taxes For First Time Home Buyers

Overwhelmed by the thoughts of filing taxes again? I'll show you two ways you can file to taxes to get the most money back.

If you're a first time home buyer, it can be easy to be fearful of filing taxes. But, by knowing how the Standard Deduction and Itemized Deduction works, you can make sure you'll save the most money possible on your taxes for the past year.

We'll cover Form 1098, the mortgage interest tax deduction, local property tax deductions, mortgage points deductions, and more.

Tax preparation doesn't have to be terrifying. You can file taxes that will save you the most amount of money with your tax refund whether you're a first time buyer or a seasoned pro.

🎧 Listen To The Podcast



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Hey, my name is Kyle and I'm a Loan Advisor serving Tennessee, Florida, and Ohio. I help you get a crystal-clear home loan so you can win the house you love.

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[daisymay]

Your demeanor and voice is so calming,

[yujen]

Oh my goodness, THANK YOU - This is the information I was looking for.

[petethetrucker]

This guy always come through. Thanks you man. Your explanation is so easy to process

[KCelyce]

I knew to come to you for this. Thank you

[Soccerlyfe]

Other than medical, donation and business expenses what else can be considered “etc”? Home improvement / renovation expenses?

[nimia]

Excelente very simple to understand.thank you

[marthamurray]

Very helpful! Thank you very much for sharing this information.

[michaeltoney]

Wow, he’s handsome. Very calming voice also.

[archerline]

Can u include closing costs as a 1 time part of itemized deduction

[chefenricoa.]

hello amazing video really!
i have a couple of questions if you don't mind.

1 - the standard or itemized do only apply for home owners?

2 - do business deductions on itemized apply also for w2 jobs? and what if I have a w2 job and I am also a sole proprietor as well?
also, if business deductions arent for w2 jobs, can they only be deducted by an LLC or also a sole proprietor (without EIN or DBA).

Again, thank you so much!

[jo-annmacneill]

this is my first year filing with a piece of property so I will go to a tax accountant this year because I don't want to rip myself off. He's going to charge me about 200. He's also going to check my last couple of years. he will check those taxes to see if he could get me any money back on those I didn't on Property back then this is my first year in 2022 owning property so that's why I want to go to a tax accountant my sister has gone to him for years so I figure it's worth it. I live in Massachusetts by the way.

[mattburnett]

Thought this was super well done! This clarifies that I’ll 100% be itemizing this upcoming year. Do you mind mentioning what camera and mic you use? On an unrelated note my girlfriend is setting up a YouTube channel for her math class and I’d like to help her with a similar video setup with the split screen using her iPad Pro. Just thought your layout of videos was more well done than a lot of other YouTubers that try and educate.

[LucasStephens]

Thank you! This is exactly what I needed

[Trials-and-Tribulations]

Just bought a home this October 2023.
Would my lender mail me a tax 1097 form this year 2023 tax season or would I have to wait till next year 2024.
To file 1097 form claim house on taxes.
I usually file standard.
Since June 2023 when i was approved for loan as 1st home buyer totally zero down totally zero at close.
I have bought home items towards repairs of the house, most repairs even some plumbing I'm doing myself.

Huge things like roof, siding, chimney, foundation, electrical adding outlets, drains I'll have contractors do.

Can i claim items I bought for repairs of my house on this 2023 taxes in my standard deductions.

[NJR]

I'm so confused. How do the tax deductions actually help you???

[popspops]

I have a question sir I'm a 1099 I'm partner in up with a w2 I already showed 2 year tax return for a 1099 we got approved conditional loan my home is building so do I have to show a new tax return or can the lender use my 2 year tax return that was use before my home starting building

[karengenis]

what if i replaced the roof on the house? could I itemize that?

[craigbuckley]

Questions does this mean you get more money back on your income taxes if so how do you Calculate if I make 33, 000 and take the standard deduction

[phillyphilly]

So I just bought my house. Do I get more money back? And can I also add all the things I bought for the house to write off and get it back? I’m single but I’m super confused!

[Jaguarspaw]

I'm using credit karma and I just bought a home last year. O got 2 1098 forms from 2 different loaners. The first loaner is where I applied then they gave it to u.s. bank. So now I put one of them in but I can't add the other. Do I add them up or do they file separatly ?