Purchasing a personal residence is not reported on a tax return. Only when you sell the home would it be reported on a tax return and then only IF required based on several factors.
If you have a mortgage on the property, you can deduct as an itemized deduction on Schedule A the mortgage interest paid during the year. If you paid Points on the mortgage loan those also are deductible. The mortgage interest and points should be on the Form 1098 you receive from the lender. Any property taxes paid during the year for the home are deductible.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
Standard deductions for 2019
- Single - $12,200 add $1,650 if age 65 or older
- Married Filing Separately - $12,200 add $1,300 if age 65 or older
- Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
- Head of Household - $18,350 add $1,650 if age 65 or older
