No, you do not need to report a home purchase. As mentioned above, there are some tax breaks available to home owners, most of which are only available to you only if you itemize deductions.
Mortgage interest
Deducting Points
Real estate taxes
Certain mortgage insurance payments
Qualified energy-saving improvements
What deductions can homeowners take?
Home improvements
Save receipts and records for all significant improvements you make to your home, such as landscaping, storm windows and fencing. You can't deduct these expenses now, but when you sell your home the cost of the improvements is added to the purchase price of your home to determine the cost basis in your home. This will reduce any potential taxable gain that you may have from the sale of your home.
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