I usually do my moms taxes through turbo tax each year which is a simple w-2. Last year my mom bought a condo in North Jersey. She brought up something about her getting some kind of credits for first year. Does anyone know what I would need to input into turbo tax for this, she gets the standard deduction if that means anything? She was also saying that she thinks she should be getting back an extra $1000 this year.
Is the condo a personal residence or an investment property?
If it is a personal residence, there is a chance that she will itemize instead of take the standard deduction. You take the higher of standard deduction or itemized deduction.
New Jersey also allows a deduction for property taxes paid(if she lives in NJ).
If the property is an investment property, you may be better off working with a professional to get her taxes completed.
Yes she lives in it. But she did move in May, so a little over half the year of living for 2019. I don’t know if closing fees and stuff like that get added in also, but i think it was around 4K in interest, maybe about the same for taxes on house, then about 7k closing costs. But if it isn’t worth it i will just do the return for her with the standard deduction.