Q. Can I amend returns to capitalize interest and taxes?
A. No. The election to capitalize must be timely.
Q. Does the TurboTax Premier (rather than Deluxe) allow me to do this for 2023?
A. Yes. If you are using Online TT, you'll need Premier. If you're using desktop (download/CD), any version will work, including Basic and Deluxe.
Q. Does it matter that this was supposed to have been for my new home?
A. Simple answer: no. Since it was never actually used as a home, the sale may be treated as the sale of investment property. Since there is a capital gain, the question is moot. A gain is taxable, regardless of the use (you don't qualify for the home sale exclusion). Had there been a loss, only the loss on investment would be deductible.
