Tax season 2023: Changes for homeowners, medical expenses and more
Changes to COVID-19 benefit repayments
This will apply the associated deduction to a previous year’s return automatically, potentially affecting an earlier year’s tax return.Two major benefits for homeowners have been doubled for the 2022 tax year.The first-time homebuyer’s tax credit is now worth $10,000 for those who purchased a home after 2021, up from the previous $5,000.
Golombek notes that while this new legislation went into effect on Jan. 1, 2023, it will not apply to homes sold in 2022. Those who bought a home last year, whether they intended to flip the home quickly or not, will need to keep the new rules in mind if they need to sell in 2023.
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