Hello jones135,
Congratulations for owning a new home!
Building a new home can require a long list of expenses, including your down payment, permits, insurance, and construction costs. Unfortunately, most of these expenses that pertain to building a new home are not deductible on your taxes.
These expenses are your Cost Basis for the home, so when you sell it, you will subtract the cost basis to determine your profit or loss.
So now that it is your personal residence starting January 2023, you may be able to deduct your mortgage interest, property taxes, if you paid any points on the mortgage loan, Home Equity Loan interest, Mortgage Insurance, etc., on your 2023 taxes.
Please let us know if you have any additional questions.
Congratulations again!
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