+21 Tax Benefits New Home Purchase 2022. It’s an effective means of offsetting some of the upfront costs associated with buying a home. Eligible home buyers can claim $5,000 on line 369 of schedule 1 of their income tax and benefit return for the acquisition of a qualifying home in 2017.

Over the life of a loan, a homeowner will have to pay mortgage interest in addition to payments. Some homeowners can deduct property taxes, state and local income taxes, along with sales taxes. Buying a home is a major decision and you should consider the tax benefits associated with it.