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Deductions & credits
Real estate that you purchase for personal use is not reported anywhere on a federal tax return. Business use is a different story, depending on the type of business (rental, business you own, etc.) But any property taxes paid on the property would be a SCH A itemized deduction. If the property is mortgaged and meets certain criteria, then any mortgage interest paid would also be an itemized SCH A deduction.
‎January 26, 2023
4:20 PM