DianeW777
Expert Alumni

Deductions & credits

It depends on what you are using the home for. 

 

There would be amounts for real estate taxes for the portion of the year you owned the home which can be used for itemized deductions.  The only other item for the tax return would be mortgage interest which you do not have.

 

All other closing costs would be added to the cost basis of the home to reduce a future sale or as part of the original cost should you use it for a rental property.  This would then be a depreciable asset that would require the purchase price and certain closing costs such as title fees, commission, etc.

 

If you are using the home for reasons other than your living in it as your main home, please provide more details here and we can help.

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