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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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My wife and I renting an appartment in New York. We cannot

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My wife and I renting an appartment in New York. We cannot afford to buy a home in New York. When prices on property went down in Florida we decided to buy a home. We plan to retire in four years and live in it. In June we bought Condo. Our adjusted income about 75000. Question: Are we eligible for some credits and tax breaks?
Hello and thanks you for using Just Answer. There is a credit for first-time homebuyer but the home must be the taxpayer principal residence for taxpayer to qualify for the credit. The condo you purchased in June is not your principal residence and does not qualify for the New First-Time Homebuyer Credit. As of January 2008 there are no other tax credits for first-time homebuyer.
Customer: replied 8 years ago.
How about property tax?
Customer: replied 8 years ago.
My Question has two parts: first part was answered but the second, tax break as a home owner.(Property tax?)
If you itemized you will be able to deduct your property tax and mortgage interest paid on your condo each year. You can deduct mortgage interest points paid on your loan to finance the purchase of your condo. The amount should be reported on Form 1098 which you should receive by 31 january 2008.
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