Home Purchase

[brunnerpd]

If I purchased a home this year, but the interest is not enough to be a beneficial deductible, therefore I will be taking the Standard deductible. Am I required to report my home purchase on my taxes if I am using the Standard Deductions?

[DoninGA]

The purchase of a home is not reported on a tax return.

You are not required to report the mortgage interest or taxes paid on your home if you do not wish to do so and use the Standard Deduction instead of Itemized Deductions.

[quorumof1]

No, if taking the standard deduction-there is no home reporting requirement. However, just to make sure its the right way to go. It's good practice to enter all itemized deductions and confirm standard deduction is larger.

[xmasbaby0]

No.   You do not enter the purchase of a home.  You only enter homeownership deductions if you are trying to itemize deductions for owning a home.  Those deductions would include property tax paid, mortgage interest paid and loan origination points.   There is nothing else to enter about owning a home on a federal tax return.

[SwapnaM]

No, you are not required to report the purchase of your home on your tax return if you are taking the standard deduction. The purchase itself does not need to be reported. However, there are a few things to keep in mind:

1. Mortgage Interest and Property Taxes: If you decide to itemize deductions in the future, you can include mortgage interest and property taxes. For now, since you’re taking the standard deduction, you don’t need to report these.

2. Homebuyer Credits: If there are any specific credits or deductions related to home purchases that you qualify for, you would need to report those. However, most of these are not applicable if you’re taking the standard deduction.

3. Record Keeping: Keep all documents related to your home purchase, such as the closing statement, mortgage documents, and property tax records. These will be important for future tax years if you decide to itemize or if you sell the home.

@brunnerpd Thanks for the question!!

[brunnerpd]

Thanks Guys - Much appreciated