Tax Issues for First-Time Homebuyers

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  1. Standard Deduction vs. Itemized Deduction
  2. Itemized Deductions
    • Medical
      • Improvements for Medical Purposes
    • Taxes
      • Real Estate Taxes
    • Interest
      • Mortgage Interest
        • HUD-1
        • Form 1098
      • Points
    • Gifts to Charity
    • Casualty and Theft Losses
    • Job & Miscellaneous Deductions
    • Other Miscellaneous Deductions
  2. Home Improvements
  3. Office in Home Deduction
  4. Special Situations
    • Vacation Rental
    • Rent Prior to Purchase
    • Business Purpose of Home Loan
    • Borrowing against Rental Property
    • Home Loan Financed with “Tax Exempt” Securities