I'm a new home owner, what form do I fill out for my taxes?

Answer 1

If you're an individual tax payer, you start with form 1040. Makes no difference whether you own a home or not.

Answer 2

You'll do one of the 1040's (1040, 1040A, 1040EZ) plus whatever other forms you need to complete your return. Many people with mortgages, particularly early in the mortgage, find that their itemized deductions exceed the standard deduction so they come out ahead by itemizing. This is because mortgage interest and property taxes are deductible. Other items people who itemize often have are state and local taxes, and charitable contributions. There are other allowable deductions also, but these are common ones.

If you itemize, you fill out a Schedule A, and will use form 1040, not 1040A or 1040EZ.

If your total itemized deductions are less than your standard deduction, then you would not itemize.

Schedule A and its instructions can be found at irs.gov.

Answer 3

Probably the only change in your tax return is your would be using schedule A to itemize instead of using standard deduction. It depends on how much interest and property taxes you paid in 2006. Also, if you do start using Sch. A, you can now claim any donations to non-profit organizations. There is more you can deduct on Sch. A, but I would need more info about your situation. It is best to see a tax professional to get the most out of your return.

Answer 4

When I bought my home 2 years ago, I used TurboTax online. It walks you through the whole process with simple questions and then fills out the correct forms for you. It then files your return electronically. I think it was $30 but it saved me THOUSANDS!

Answer 5

The first year, consider using a tax professional. (The cost is deductible NEXT year) Afterwards, use what he/she did as a guideline.

Answer 6

Property Taxes?? If so, what State? Do you have a loan and escrow collected when you make payments? Or do you own, no loan?