3238756
You'll need to sign in or create an account to connect with an expert.
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
You do not have to enter that you purchased a condo. If you paid property tax in 2023, and if you are itemizing deductions, you can enter the property tax. Or is this is a condo you are using as a rental property and renting it out to tenants---you will need to enter information about that. But...there is no place on a federal tax return to just tell the IRS you purchased a home.
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
You do not have to enter that you purchased a condo. If you paid property tax in 2023, and if you are itemizing deductions, you can enter the property tax. Or is this is a condo you are using as a rental property and renting it out to tenants---you will need to enter information about that. But...there is no place on a federal tax return to just tell the IRS you purchased a home.
The only thing you can claim is property taxes as a SCH A itemized deduction.
If this is rental property, you need to let it be known, as that changes things a bit.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ramseym
New Member
user17523314011
Returning Member
user17524531726
Level 1
eric6688
Level 2
stellarun21
Level 3