topic I bought a house in July 2019 when I file in this coming January will I be receiving anything in regards to the house or will that be the following year? in Deductions & credits

I bought a house in July 2019 when I file in this coming January will I be receiving anything in regards to the house or will that be the following year?

andrews-cierra — Fri, 08 Nov 2019 15:56:57 GMT

Re: I bought a house in July 2019 when I file in this coming January will I be receiving anything in regards to the house or will that be the following year?

DoninGA — Fri, 08 Nov 2019 16:08:00 GMT

Purchasing a personal residence is not reported on a tax return. Only when you sell the home would it be reported on a tax return and then only IF required based on several factors.

If you have a mortgage on the property, you can deduct as an itemized deduction on Schedule A the mortgage interest paid during the year. If you paid Points on the mortgage loan those also are deductible. The mortgage interest and points should be on the Form 1098 you receive from the lender. Any property taxes paid during the year for the home are deductible.

The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.

Standard deductions for 2019

Single - $12,200 add $1,650 if age 65 or older
Married Filing Separately - $12,200 add $1,300 if age 65 or older
Married Filing Jointly - $24,400 add $1,300 for each spouse age 65 or older
Head of Household - $18,350 add $1,650 if age 65 or older

Re: I bought a house in July 2019 when I file in this coming January will I be receiving anything in regards to the house or will that be the following year?

xmasbaby0 — Fri, 08 Nov 2019 18:12:13 GMT

Some further information on home ownership

Home Ownership

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, title searches, settlement fees. etc.

Your down payment is not deductible.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Home improvements, repairs, maintenance, etc. for your own home are not deductible.

Homeowners Association (HOA) fees for your own home are not deductible.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2019. You should have a 1098 from your mortgage lender that shows this information. Lenders issue 1098's in late January/early February.

https://ttlc.intuit.com/questions/2900844-where-do-i-enter-my-1098-mortgage-interest-statement