Publication 530 - Introductory Material
First-Time homebuyer credit. If you qualify as a first-time homebuyer you may be able to claim a one-time tax credit of up to $7,500 ($3,750 if married
filing separately). See First-Time Homebuyer Credit, later.
Limit on itemized deductions. Certain itemized deductions (including taxes and home mortgage interest) are limited if your adjusted gross income is more
than $159,950 ($79,975 if you are married filing separately). For more information, see the Instructions for Schedule A (Form
1040).
Mortgage debt forgiveness. You can exclude from gross income any discharges of qualified principal residence indebtedness made after 2006 and before
2010. You must reduce the basis of your principal residence (but not below zero) by the amount you exclude. See Discharges of qualified principal residence indebtedness, later, and Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment), for more information.
Real estate tax deduction for nonitemizers. You may be able to take a deduction for real estate taxes you paid even if you do not itemize deductions on your income tax
return. See your tax return instructions for additional information.
Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of
missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help
bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.
This publication provides tax information for first-time homeowners. Your first home may be a house, condominium, cooperative
apartment, mobile home, houseboat, or house trailer.
The following topics are explained.
-
How you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs.
-
What you can and cannot deduct on your tax return.
-
The tax credit you can claim if you received a mortgage credit certificate when you bought your home.
-
Why you should keep track of adjustments to the basis of your home. (Your home's basis generally is what it costs; adjustments
include the cost of any improvements you might make.)
-
What records you should keep as proof of the basis and adjusted basis.
Comments and suggestions.
We welcome your comments about this publication and your suggestions for future editions.
You can write to us at the following address:
Internal Revenue Service
Individual Forms and Publications Branch
SE:W:CAR:MP:T:I
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number,
including the area code, in your correspondence.
You can email us at
*[email protected]. (The asterisk must be included in the address.) Please put “
Publications Comment” on the subject line. Although we cannot respond individually to each email, we do appreciate your feedback and will consider
your comments as we revise our tax products.
Ordering forms and publications.
Visit
www.irs.gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days
after your request is received.
Internal Revenue Service
1201 N. Mitsubishi Motorway
Bloomington, IL 61705-6613
Tax questions.
If you have a tax question, check the information available on
www.irs.gov or call 1-800-829-1040. We cannot answer tax questions sent to either of the above addresses.
Useful Items - You may want to see:
Publication
-
523
Selling Your Home
-
527
Residential Rental Property
-
547
Casualties, Disasters, and Thefts
-
551
Basis of Assets
-
555
Community Property
-
587
Business Use of Your Home
-
936
Home Mortgage Interest Deduction
See How To Get Tax Help, near the end of this publication, for information about getting publications and forms.
