HelenC12
Expert Alumni

Get your taxes done using TurboTax

Unless it's a rental, you won't be able to deduct homeowner's insurance, repairs, or home improvements. Also, moving expenses are no longer deductible for most taxpayers.

 

Be sure to hold onto your closing statement, as it lists expenses that could be deductible, like points and prepaid interest.

 

Also, start saving your home improvement receipts. You won't be able to deduct those right now, but they can reduce your gain (along with any capital gains tax) when you sell in the future.

 

Related Information:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"