Is a home purchase a major purchase?

loganadr — Tue, 04 Jun 2019 22:54:06 GMT

It depends - A home is not considered a major purchase if...

DS30 — Tue, 04 Jun 2019 22:54:07 GMT

It depends -

A home is not considered a major purchase if you are asking about claiming an additional state sales tax deduction unless it is a manufactured home.

The guidelines on what type of purchases are considered major purchases as it relates to the state sales tax deduction are:

A motor vehicle (including a car, trucks, vans, SUV, motor home, recreational vehicle, sport utility vehicle, and off-road vehicle)
An aircraft
A boat
A manufactured home or building materials used for major renovation to home.

All other major purchases are not eligible for this additional sales tax deduction.

However, you are able to include certain items related to your home on your tax return. If you itemize, you get to take such things as:

the interest that you pay on your mortgage
real estate taxes
mortgage Insurance
points

To enter home mortgage interest and property tax information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "Schedule a" in the search bar then select "jump to Schedule a". TurboTax will guide you in entering this information.

topic Is a home purchase a major purchase? in Get your taxes done using TurboTax

Is a home purchase a major purchase?

It depends - A home is not considered a major purchase if...