Tax Deductions For First-Time Homeowners

Video Tips: Tax Deductions for First-Time Homeowners

First-time homeowners should make themselves familiar with authorized deductions, and programs that can assist with home ownership and that can be beneficial. When it comes to home ownership, the IRS considers a home to be a house, condominium, cooperative apartment, mobile home, houseboat or house trailer that contains a sleeping space, toilet, and cooking facilities. Watch this video to see which home expenses can and cannot be deducted from your tax return.