Tax Deductions For First-Time Homebuyers

[@karltondennis]

Who is a first-time homebuyer?

[@vprince9907]

@KarltonDennis this is Tyrone im commenting using my pops page here.. my spouse and i will be becoming home owners soon. I sent your mom an email which I wanted to converse with you and her in light of what I messaged upon. I really could use both your help with protecting what is about happen to me financially...I know where your mom business is I have the info and number I provided her with mine. I have several business ideas I want to explore and determine whether there suitable for me to make a profit and at same time help others who are an may be possibly struggling. Reach their potential of becoming financially free with one of the things I want to set up giving the disadvantaged a true real opportunity to be successful...and as well I want to explore some commercial property opportunities with multi units and also for creating a soul food business something like how golden corral is seating capacity an parking space..but I plan to go an extra few steps that there not going nor doing...

[@stevekurtsalcedo1423]

Will you make a video for LLC tax advice for Non us residents?

[@livdikatao6763]

I Am 👍🏼

[@stewyburns]

Closing on the 31st of August!!

[@lorency7183]

@karlton Dennis I have a problem with you NAR I wrote to TREC 2019 my name Loren Yera in Houston Texas you have false accused me I understand your a big lobbyist group in Washington but am pissed my right and constitution and civil rights have violated by 25 American government agencies. I challenge you to discredit what saying . My life has alter from minute I filed a complaint TREC Houston

[@Ms_Gfannin]

This should be presented in high school!!! All of this time I never really understood any of this… then i watched this video and it all makes sense! Thank you for this knowledge sharing!

[@remondjacquet6778]

in 12 minutes you explained what I did not understand for more than 12 years, Great video!!

[@christopherbellboy25252]

I used to be a volunteer tax preparer and you explained this perfectly

[@terilaw1806]

You just saved me $250!!! I was supposed to see a tax guy tomorrow but watched your video. I knew I didn’t have $25000 in deductions since I just bought my house a few years ago. So I did my taxes (late) and yes, I ended up taking the standard deduction. Filed my taxes, and canceled the tax guy! Thank you!!!!

[@luisguevara4113]

This bid is really good. I suggest that in the future, to use numbers that don’t compute to the same number. The example of the medical expense has 7,500 for the amount of the personal threshold and 7,500 for the amount you can deduct. It just makes it confusing for someone that is not familiar with the math you are doing. I will keep watching your vids. This one was informative and to the point.

[@polvora23]

As a first home owner this video was very helpful . Thank you for all the information

[@lailas.3205]

It's the level of detail and breakdown for me. Excellent video, sir! Bravo and thank you 👏🏽

[@armondtodd6969]

Great video! You're a great teacher. I learned a lot. Brought a brand new house last year and learning the tips before filing my taxes.

[@christinabrito]

Amazing Amazing!!!!!! Im a new home owner. Also working in getting my real state license anddd getting into taxes! I loved the way you explain everything. Im here to stay!!!

[@nievelindadiaz1513]

me too!!! congrats

[@MrPhoboy401]

there are levels to this game. i am glad their people like Karlton Dennis spreading knowledge to us.

[@karltondennis]

Happy to help!

[@jayq8882]

Really appreciate your clear explanation of itemized deductions Karlton!

[@sigma682]

The standard deduction isn’t an incentive. It exists because the government understands every American is and should be entitled to a standard set of deductions without making you spend the time itemizing, i.e. Sales Tax, almost every American pays sales tax at some point or another, but no one wants to save every receipt (unless you know you’re going to exceed the standard deduction).

[@bueno-dj7kk]

thank u sir yes tones of value i gained so much knowledge in that short amount of time then i did in 12 years of public school now all i can think of is how to i get the younger ones in my family to listen to things like this.

[@jaykoski293]

Can you make a video about the mortgage credit certificate? It’s a little known tax credit for first time homebuyers that could benefit a lot of people here.

[@BellottiSchrader]

Thank you, Thank you, Thank youuuuuuu for providing visual examples! As a visual person this helps so much! I'm now a new subscriber.

[@stezejobs808]

We must protect this man! Thank you

[@damonleeb]

“The government wants to help you” 🤣🤣🤣🤣🤣 comical lol

[@cloveeyyyy]

I'm 23 and looking to buy a home and this helped a lot. Thanks!!

[@Jahguaar]

I am committed to self-development & thriving.

[@bjf5027]

That 7500 medical expense deduction example is really bad. People can't tell if you're getting to deduct the first 7500 or the second 7500. You should have used an example where you spend 10,000. In that case you can deduct 2500

[@blackl1steddrums]

This right here is the video I was looking for, thank you man

[@animalcub5102]

Thank you! No commercial? Awesome!

[@devonpeters9458]

I appreciate the video and think you’re a great teacher/explainer, but most of the video was on how general deductions work vs the standard deductions. I feel the title is misleading as you really didn’t dive in to anything specific with first-time home buyers.

[@Feymorales]

So the standard deduction is the best option either way if you only have 1 property and don’t have medical bills?

[@SnifferSock]

If it's under $12,550 and you're single, yes. If that applies, you make less than 6 figures and your mortgage is under 6 figures, it still is unlikely to reach the threshold.

[@SHADYKIMMIE97]

So helpful!!! Just bought a house in august and preparing for tax season.

[@dlw1231]

I don't pay taxes like a working man, I'm retired but bought a house in Oct, 2023 in Calif. My question is I normally don't have anything to be taxed on being on SS, and low income can I get anything back now that I bought a home, like property tax?

[@JamesJones-mt9co]

Thank you you just prove Robert t Kawasaki correct when he says your house is not an Asset! Your home is not an asset it is a liability, I hate to say this but most people lose more money when they become a home buyer versus a real estate investor

[@PinkFridays]

Im in my early 20s and this has helped me so much! Thank you so much!

[@karltondennis]

Awesome! Thank you Marv

[@PinkFridays]

@@karltondennis my pleasure! Keep up the amazing work!

[@cypheruniversity3074]

The graphics are crazy. KZbin is a place of entertainment after all. 👌

[@karltondennis]

Thank you!

[@lonnieburkes8166]

Thank u for explaining this as simplified as possible.

[@goodsno1g]

Awesome explanation now im wondering do i even need to file/report the 1098 if it doesnt make or break anything.??

[@BrothersofOG]

Bought first house last year before rates spiked. Let’s see what you got

[@MrAlienware1]

I really appreciate you taking the time and make videos for people that don’t understand anything about taxes. Mr. Karlton I wanted to know if you can or have a video about what is homestead does it effect when you do your taxes, the advantages and disadvantages of putting a house in homestead?.. thanks

[@suramahernandez525]

Tu explicación fue la mejor que he escuchado.

[@ladytee1705]

Thank you for the information I bought my first home last year.

[@micahwoolfolk4020]

I just found your channel sir....@Karlton Dennis...Man you a blessing. Thank you. I will be following your content. If you ever do a live...put it out there...in the information age, why would I want to spend my time on anything else that what will benefit me and my family...

[@TheAngerman77]

We bought in 2017, i dont even know if my tax pre preparer went through all this. Its a woman at my job who does a couple of guys taxes. I noticed that it says that i prepared them when they're filed. Shes not licensed, but i thought it was helpful. I really enjoy your content and im Learning alot. Thank you.

[@mr.e8543]

Not only inspiration and informative but also inspiration to keep with my own content on my youtube here ! Thanks for the information brother !

[@Sammich88]

Awesome! Going to have to comment so that that algorithm has a better chance to pick this video up and move it forward. Have been looking at the tax information online for a bit and quite frankly it was confusing. This made it so much easier to understand and I can totally see myself doing itemized tax deduction in the future as I'll be living in the home and also renting out rooms. Also any money I can get back from property taxes and mortgage interest is good since I treat it as a form of monthly deduction bundled up at the end of the year. Will probably still see someone who specializes in this field though once it's time for tax return as a first time homebuyer. I trusted myself filing solo for a while but now I think a different outlook can make a difference.

[@ecallic100]

The way you explain things is amazing and your hand gestures helped lolbs no frfr

[@mariebee3146]

What about FHA mortgage insurance?

[@El_KRIZPY]

This video just saved me hundreds of dollars.

[@JM-fi7uc]

Thanks for the heads up on the SALT deduction changes. That's some buster ish.

[@Archangel-rv1xe]

Good video, but you fail to highlight the reason why those specific deductions where taking off and also the standard deduction from 2017 to 2018 was increase by 50%.

[@jtowensbyiii6018]

That's not why, Trump just didn't want poor people who work hard to get tax benefits like the rich do

[@mguti090]

Yeah he mentioned all the stuff Trump decreased but not what he increased like the standard deduction which he doubled.

[@12B4Christ]

There used to be a separate first time home buyer credit, it currently no longer exists...seems to have ended in 2010.

[@berniedecker5783]

That was awesome; I absolutely appreciate you, Mr. Dennis - cheers!

[@bs9757]

This is a FANTASTIC explanation. Thank you!!!

[@twopeasinapod6319]

Mr karlton, you are the creator to the path of enlightenment! I am grateful for your time and effort in sharing your wealth of knowledge. God bless you!

[@ParisBry]

Very clear and concise video. This was helpful for sure.

[@DylanSmith-rz7zl]

So if I'm a first time homeowner and I choose the standard deduction, I don't have to plug in all of my property tax info?

[@Narsuitus]

Thanks for the video on Standard Deductions. However, I still do not understand how a first-time homebuyer with a mortgage is better off than a fifth-time property owner with no mortgages. I also do not understand why you did not discuss depreciation and 1031 exchange.

[@joanmadera]

This video is golden.

[@ponleusoreyaa]

I tried to follow, yet still a bit confusing.

[@ge0ne063]

Excellent Explanation....Clear Cut 👍🏼

[@danpage6044]

Karlton your advice and knowledge needs to be taught in school right along with Dave Ramsey. You should be a required class.

[@BossmanRich28]

@11:32 sorry i just had to comment. The Hone Omer. Love your videos. I always learn something from them. I requested to take a course/ class from H&R block

[@Hayraang]

NICE AND CLEAR. THANK YOU.

[@richannawise2811]

Pram pram way to go..thanks for the inspiring videos and wealthy advice..blessings to you

[@kalonmeekins2160]

Every since I bought my first home in 18 I've always been told I didn't have enough write-offs to itemize and therefore never got anything for being a homeowner, even after I bought the second home... and I'm single

[@austindeadmond1267]

The same exact this has been said to me a few times. Sam situation

[@haydenmacfarlane7194]

Solid video, thanks for the info

[@MackDaddyCRX]

Love the content brotha

[@arelicontreras7412]

If I had a tenant and had to pay them out to move out (rent control) for family to move in, no longer renting and I had to fix the house cause they left it filthy and had to completely renovate the house can I use all that I lost in my taxes?

[@nicholass7939]

What about for first time home buyer that turns the property into a rental property?

[@ugotmail5651]

Very good video love it very clear to understand

[@Indigenous_Explores]

Thanks for the info. I was able to understand more on tax write offs for properties. I do have one question tho. 😅

[@mehertgebreyohanis4418]

Great video!

[@t-bone1890]

I work out of town as a W2 employee, in 2017, my truck was stolen, with all my tools. my truck was recovered, but i lost nearly 30k in tools. at the end up the year, since i was paying in my fair share of taxes throughout the year, i got a little bit of tax return money. But since i got a tax return, my CPA told me i couldn't write off my loss of tools, was he correct? i did not receive any insurance reimbursement. It was just a loss, i had to overcome myself.

[@FohChristianHalo3]

You my friend are golden 🎉

[@coderlicious6565]

I just went through 8 previous home owner tax videos and then I watch you, and you made all of the others sound like a Biden speech in comparison. You have the superpower of clarity. You should join Marvel or X-Men: SuperClarity Man.

[@pckbactive]

Nice video uce hope all is good! Hopefully catch you at Mesa soon.

[@karltondennis]

Thank you brother

[@mthatipamula]

Great explanation. Thank you karlton .

[@akshitdhadwal]

If you buy a condo And buy something for your condo and also repair broken things in condo Are those expenses tax deductible? Are down payment tax deductible

[@tiawilson6929]

Appreciate this video so much. Thank you for breaking all that down

[@ttvnos8841]

amazing videos i don't understand why KZbin is suppressing your account

[@karltondennis]

Appreciate it

[@anetteswaby777]

Thank you!

[@gregd4437]

Best video on this I’ve seen thank you keep it the tax real estate knowledge coming

[@karltondennis]

Glad it was helpful!

[@sn2467]

Thank u for the knowledge for home owners tax deductibles. .. I accidentally turn to your video, but bless 🙌 to learned ....

[@iamcesarmiranda5350]

Can I get some of my supplemental property tax money back when I do my taxes? I paid $3,800 in a short time span 😬

[@mr.v5377]

Is the medical and dental deduction taken by calculating your out of pocket costs or the total cost paid towards those expenses (i.e. cost paid insurance + premiums)?

[@mrshawterry6]

You're good Sir.

[@bwilks3056]

Wow! Thank you for that explanation. That was extreeeemely helpful!

[@TechFreak51]

Wow.. very nicely and clearly explained ‼️

[@AnnieNg-hs5rx]

Wtheck is causality & theft? I thought it was casualty and theft

[@Johnnybang916_]

Thank you 😊

[@nimia8534]

Thank you for making it very simple to understand.

[@niashahoover5838]

This was a great video!💪🏽

[@CesarTorres-jm4cy]

I would like to know more. How can I get of hold of you?

[@SA-nk8sc]

Excellent explanation. Thanks a lot.

[@amruthag7322]

Such good content

[@nadiajimenez600]

Are home renovations tax deductible? I bought a beat up home & had lots to fix up before moving in

[@JOESCHOOLSHOW]

My cpa always tells me I can’t use my home because I make too much money?

[@G_Money_]

I bought a home last year in 2022. I'm about to file my taxes. Well I get the tax benefits every single year or is it just a one time thing?

[@adesa1]

Where is the video for us with multifamily homes???

[@Factor2121]

So basically if i don't rent it to someone then i don't get to write off anything?

[@erickhenderson9795]

I definitely found value in this information, thankyou 💯

[@Da_Crow]

bruh! this was fire!!!! can you do an update for my upcoming home buyer taxes....2021 taxes

[@jo-annmacneill6454]

hello, I bought a townhouse back in May 2022 and some other KZbinr said you can claim $15,000 as a first time home buyer is this true I live in Massachusetts thanks for the help

[@WalksWallStreet]

Just found this channel. I really like it. Very helpful video, thank you!!!!

[@morolove965]

Man you made this so easy to understand 👍👍 thank you so much