No, the down payment for a home purchase is not deductible. However, other items relating to your home are deductible--for example, mortgage interest, property taxes, private mortgage insurance and loan origination fees (points) you paid in 2016.
To enter these items, please follow these steps:
- Click on Federal Taxes >
Deductions & Credits [In TT Self-Employed: Personal
> Deductions & Credits > I'll choose what I work
on].
-
In the Your Home section, start by clicking on the Start/Revisit box
next to Mortgage Interest, Refinancing, and Insurance. [See Screenshot #1
below.]
- TurboTax will ask you the details about the mortgage interest interest, mortgage insurance premiums, and points you paid when you took out the loan.
- After entering the mortgage information, you will see the Mortgage deduction summary screen. If you only have the one mortgage to enter, click Done. If you have another mortgage to enter, click the box Add a lender. [Screenshot #2]
- You will be brought back to the Deductions & Credits screen. In the Your Home section, click on Start/Revisit next to Property Taxes.
- Continue through the screens, entering the requested information.
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