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maria-dios7
New Member

I bought a house last year.and I bought it with cash.will I be able to get some money back or not ?

 
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Marketstar
Level 7

I bought a house last year.and I bought it with cash.will I be able to get some money back or not ?

There are no immediate tax breaks for buying a home (such as a homebuyer credit) for cash but keep in mind that you are allowed a deduction for all property tax paid including any property tax that you may have paid at closing that you may find on your HID-1 closing statement.

See What Information Do I Need From My HUD Statement

To enter property taxes in TurboTax Online:

  • Click My Account (Top right of your screen)

  • Select Tools.

  • In the pop up window, select Topic Search.

  • In the search bar, type in property taxes-real estate

Highlight it and select GO, and follow the prompts


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1 Reply
Marketstar
Level 7

I bought a house last year.and I bought it with cash.will I be able to get some money back or not ?

There are no immediate tax breaks for buying a home (such as a homebuyer credit) for cash but keep in mind that you are allowed a deduction for all property tax paid including any property tax that you may have paid at closing that you may find on your HID-1 closing statement.

See What Information Do I Need From My HUD Statement

To enter property taxes in TurboTax Online:

  • Click My Account (Top right of your screen)

  • Select Tools.

  • In the pop up window, select Topic Search.

  • In the search bar, type in property taxes-real estate

Highlight it and select GO, and follow the prompts


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