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Publication 530 - Introductory Material

Table of Contents

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 Insurance Premiums.

Limit on itemized deductions. Certain itemized 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 information, see the Instructions for Schedule A (Form 1040).

Rules for Cooperatives. If you own a cooperative apartment special rules apply to you, see Special Rules for Cooperatives.

Reminders

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.

Introduction

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 *taxforms@irs.gov. (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.


National Distribution Center
P.O. Box 8903
Bloomington, IL 61702-8903

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

Form (and Instructions)

  • 8396
    Mortgage Interest Credit

  • 8859
    District of Columbia First-Time Homebuyer Credit

See How To Get Tax Help, near the end of this publication, for information about getting publications and forms.

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