first time home buyer – owner loan

Question by Amanda C: Question about taxes and being a first time home owner…?
My husband and I purchased our first home this year. What kind of credits or deductions can we expect when we file our 2008 tax return? Also, will our lender send a form or recording showing what we paid in detail for the past year?

Best answer:

Answer by Cat
You should get a form shown what you paid in real estate taxes and mortgage interest.You can then itemize your deductions. If your total itemized deductions are more than your standard deduction, then use them. Of course, the smart thing is to take whichever is large – itemized or standard. If you bought the housr mid-way through the year, and haven’t paid a full years’ worth of interest or real estate taxes, it’s possible recite will not make any difference this year.

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