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Copyright © 2025 Tax Pros of Lubbock. Starting April 1, 2023, contributions to an FHSA are generally deductible and qualifying withdrawals made from an FHSA to buy a qualifying house are tax free. Complete Schedule 12, Multigenerational Home Renovation Tax Credit, to calculate your credit and enter the consequence on line 45355 of your return. For extra data and to make a claim, see Schedule 12, Multigenerational Home Renovation Tax Credit.
For extra details about flipped property and life-occasion exceptions, see Residential Property Flipping Rule or Schedule 3, Capital Gains (or Losses).
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