topic Re: Where do I get the information about the home I purchased? in Deductions & credits

Where do I get the information about the home I purchased?

dtjames65 — Sun, 28 Jun 2020 17:32:13 GMT

I don’t have a form stating the property tax or anything. This is a firs time home buyer so I haven’t put my house on my taxes before

Re: Where do I get the information about the home I purchased?

DoninGA — Sun, 28 Jun 2020 17:44:02 GMT

You should have received a Form 1098 from your lender which has the mortgage interest paid, mortgage insurance paid (if any) and the property taxes paid in 2019.

You can also look at your HUD-1 statement from closing.

Re: Where do I get the information about the home I purchased?

xmasbaby0 — Sun, 28 Jun 2020 18:26:21 GMT

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

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.

Re: Where do I get the information about the home I purchased?

Anonymous — Sun, 28 Jun 2020 18:43:07 GMT

some states are a year behind in assessing taxes. that is in 2020 you pay 2019 taxes. if you bought your home late in 2019, in these states you likely would not pay any real estate taxes until 2020. in addition, on the closing statement there would have been a credit for the 2019 taxes for the period you did not own it, you must offset any tax payments in 2020 by the credit when you report the real estate tax deduction on the 2020 return.

in other states that are not behind and the previous owner paid the full year's taxes (2019) there would have been a charge on the closing statement for the period of your ownership. this would be deductible on your 2019 return.

we can't see the closing statement so other scenarios are possible.

if you are required to have a real estate escrow account and make deposits (usually monthly with the mortgage payment) - under the tax laws these are not deductible because the escrow company is regarded as your agent. when money is withdrawn to pay real estate tax bills, they should appear n the 1098.