Vanessa A
Expert Alumni

Deductions & credits

You do not report the purchase of a home on your tax return, unless you are itemizing expenses and are claiming mortgage interest and property taxes.  If you purchased the home on December 30,2022, you would not have paid any mortgage interest in 2022, therefore, you would not report anything about your home purchase on your 2022 taxes. 

 

When you sell your other home in 2023, you will report the sale on your 2023 taxes and include the purchase price as your cost basis to decrease your gain on the sale.

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