The purchase of a personal residence is not reported on a tax return. Only when the residence is sold would the sale be reported and only then if certain conditions are met would it have to be reported.
The mortgage interest paid, the real estate taxes paid, the points paid on the mortgage loan (if applicable) and the mortgage insurance paid (if applicable) are all reported as itemized deductions on Schedule A. To have any tax benefit the Total of All itemized deductions on Schedule A must be greater than the Standard Deduction for your filing status.
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
Your lender for the mortgage will be sending you a Form 1098 in January which has the mortgage interest paid, taxes paid and mortgage insurance paid.
None of your down payment or closing cost payments are deductible or reported on a tax return. However, some closing costs and all improvements to your home are added to the basis of the home when it is sold.
For information on what closing costs and improvements that can be included in the basis of your home see IRS Publication 523, pages 8 and 9 - https://www.irs.gov/pub/irs-pdf/p523.pdf#page=8
