First-time home buyer tax deductions
Varies
Can You Write Off First-time home buyer tax deductions?
Short answer: New homeowners can deduct mortgage interest, points, property taxes (within the SALT cap), and PMI (deductible again from 2026), but only if they itemize.
There's no federal first-time buyer credit; penalty-free IRA withdrawals up to $10,000 can help with the down payment.
Records to keep: Keep receipts, statements, and a simple log of business purpose; compare itemizing to the standard deduction each year.
First-time home buyer tax deductions
Varies
Individuals / Personal Taxes
New homeowners can deduct mortgage interest, points, property taxes (within the SALT cap), and PMI (deductible again from 2026), but only if they itemize.
Business justification
New homeowners can deduct mortgage interest, points, property taxes (within the SALT cap), and PMI (deductible again from 2026), but only if they itemize. There's no federal first-time buyer credit; penalty-free IRA withdrawals up to $10,000 can help with the down payment.
Category
- Write-Off Guides