Can I deduct the purchase of my new home?

knifepimp — Sat, 01 Jun 2019 04:56:01 GMT

It was a new construction, and we had $22k in upgrades.

Buying a home is not a guarantee of a big refund. Your d...

xmasbaby0 — Sat, 01 Jun 2019 04:56:04 GMT

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.

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2016. You should have a 1098 from your mortgage lender that shows this information.

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, settlement fees. etc. Your down payment is not deductible.

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

topic Can I deduct the purchase of my new home? in Deductions & credits

Can I deduct the purchase of my new home?

Buying a home is not a guarantee of a big refund. Your d...