Taxes for Life Stages: Buying a House and Having a Baby [Video]

Tax Deductions and Credits

Buying a new home and having a new baby in the same year can be two of the happiest moments in a person’s life. With it comes a whole new set of tasks and responsibilities: fix the leaky sink, pay the mortgage, pick up diapers on the way home from work, set up the college savings plan. The list goes on and on.

One effect of these exciting life events that you shouldn’t have to worry about is what it all means for your taxes this year. Check out our video where one TurboTax customer shares how easy it was to file his taxes with TurboTax after buying a house and welcoming a new addition to the family in the same year. No matter what the life stage, TurboTax makes it easy for customers to file their taxes – no expertise required.

 

Comments (6) Leave your comment

    1. Hi,
      There are many tax breaks for you when you file your 2016 taxes in 2017. You will get a dependent exemption for your baby, you may be eligible for the child tax credit worth up to $1,000, the earned income tax credit, and the dependent care credit. Make sure you have your baby’s social security number when you file your taxes. You have to have your dependents social security number in order to receive the tax benefits. TurboTax will not require you to know about all of these tax laws. The program will ask you simple questions and give you the ones you’re eligible for.

      Thank you,
      Lisa Greene-Lewis

    1. Hi John,
      With the present tax break on selling your principal residence most people do not have to pay tax on the gain. You may receive a gain exclusion up to $250,000 if you’re single and $500,000 married filing jointly. Remember to add your home improvements to the original cost of your home to reduce your gain. TurboTax will help you figure out your gain exclusion on the sale of your property.
      Thank you,
      Lisa Greene-Lewis

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