Publication 530 - Tax Information For First-Time Homeowners - 2007
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14Publication 530
Contents
Cat. No. 15058K
What’s New . . . . . . . . . . . . . . . . . . . . . 1
Department
Tax
of the
Reminders . . . . . . . . . . . . . . . . . . . . . . 1
Treasury
Introduction . . . . . . . . . . . . . . . . . . . . . 1
Information for
Internal
What You Can and Cannot Deduct . . . . . 2
Revenue
Real Estate Taxes . . . . . . . . . . . . . . 2
Service
First-Time
Sales Taxes . . . . . . . . . . . . . . . . . . 3
Home Mortgage Interest . . . . . . . . . . 3
Mortgage Insurance Premiums . . . . . . 6
Homeowners
Mortgage Interest Credit . . . . . . . . . . . . 7
Figuring the Credit . . . . . . . . . . . . . . 7
District of Columbia First-Time
Homebuyer Credit . . . . . . . . . . . . . 8
For use in preparing
Basis . . . . . . . . . . . . . . . . . . . . . . . . . 8
2007
Returns
Figuring Your Basis . . . . . . . . . . . . . 8
Adjusted Basis . . . . . . . . . . . . . . . . 10
Keeping Records . . . . . . . . . . . . . . . . . 10
How To Get Tax Help . . . . . . . . . . . . . . 12
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 13
What’s New
Mortgage insurance premiums. You may be
able to take an itemized deduction for mortgage
insurance premiums paid or accrued during
2007. For more information, see Mortgage In-
surance Premiums.
Limit on itemized deductions. Certain item-
ized deductions (including taxes and home
mortgage interest) are limited if your adjusted
gross income is more than $156,400 ($78,200 if
you are married filing separately). For more in-
formation, see the Instructions for Schedule A
(Form 1040).
Rules for Cooperatives. If you own a cooper-
ative apartment special rules apply to you, see
Special Rules for Cooperatives.
Reminders
Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing and Exploited Chil-
dren. 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.
Introduction
Get forms and other information
This publication provides tax information for
faster and easier by:
first-time homeowners. Your first home may be
a house, condominium, cooperative apartment,
Internet •
mobile home, houseboat, or house trailer.
The following topics are explained.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form Rp-457 - Application For Real Property Tax Exemption For First-time Homebuyers Of Newly Constructed Homes
Financial
Form Rp-457 - Application For Real Property Tax Exemption For First-time Homebuyers Of Newly Constructed Homes
Financial
Related Categories
Parent category: Financial