topic Just bought a house 12/31/2019 do I claim it? in Deductions & credits

Just bought a house 12/31/2019 do I claim it?

amijim10 — Thu, 06 Feb 2020 15:54:43 GMT

Re: Just bought a house 12/31/2019 do I claim it?

DoninGA — Thu, 06 Feb 2020 15:55:30 GMT

The purchase of a personal residence is not entered on a federal tax return.

Re: Just bought a house 12/31/2019 do I claim it?

danvic7 — Thu, 14 May 2020 23:59:07 GMT

Even the loan origination fees??

Re: Just bought a house 12/31/2019 do I claim it?

CatinaT1 — Fri, 15 May 2020 13:11:08 GMT

Deductible expenses for a home are mortgage interest, primary mortgage insurance (PMI) and real estate taxes. Since you purchased your home on 12/31 you might have a small amount of prepaid interest. These items are only deductible if you are using itemized deductions instead of the standard deduction.

Re: Just bought a house 12/31/2019 do I claim it?

Carl — Fri, 15 May 2020 13:19:43 GMT

Your only deductions are interest, PMI (if actually paid on that date) and property taxes.

Since you closed on 12/31/2020 I seriously doubt you paid any property taxes on that date. But you "might" have pre-paid some interest on the loan. More than likely though, it's not enough to have any impact on your tax liability.