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Investors & landlords
No. If you bought a condo with cash, there is nothing to report on your taxes unless you are itemizing your return and you paid property taxes. The property taxes would be the only deductible expense if you have no mortgage.
Just make sure to keep records of your home purchase and any major improvements for when you sell your condo. This will allow you figure out your cost basis of your home which will limit the gain on the sale if you ever sell it.
Tax Aspects of Home Ownership: Selling a Home
Standard versus Itemized Deduction
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March 5, 2024
8:16 AM
1,414 Views