Bought home with cash, no loan

[t-dunn1316]

In 2015 I purchased a home with cash. I did not take a loan out to purchase the home. Therefore I have no mortgage payment. How do I claim this on my tax return?

[xmasbaby0 · Accepted solution]

You can enter any property taxes that you paid in 2015 for the house.  Otherwise, you have nothing else to enter for the home purchase if you had no mortgage interest in 2015.  Other costs such as closing fees, etc. are not deductible. 

[marshall_fatima]

Thats not fair that the new  homeowners who paid home fully off with cash doesnt get the same tax break as the ones who have took loans!! And pay mortgage payments!!! So we get nothing for working hard and taking a chunk out of our bank accounts so we won't owe no one, and live comfortable knowing that its ours and not the banks!!! Sheesh

[jennfreking]

Same tax breaks. No one can deduct mortgage payments, just the interest on the mortgage loan. No loan, no interest to deduct. You can still deduct property taxes, with or without a mortgage on the home...

[gl_east]

I would think the closing cost should get some deduction

[xmasbaby0]

There are no deductions for closing costs.