topic Capital Gain (Loss) in Deductions & credits

Capital Gain (Loss)

jjf2008 — Fri, 10 Jul 2020 18:56:17 GMT

purchased 2nd home (cash) in 2019 and still own it. can I claim (anything) it on 2019 taxes?

Re: Capital Gain (Loss)

DoninGA — Fri, 10 Jul 2020 19:01:40 GMT

Property taxes paid on the second home are deducted on Schedule A as an itemized deduction. That would be the only deduction since there is no mortgage.

Re: Capital Gain (Loss)

jjf2008 — Sat, 11 Jul 2020 22:58:20 GMT

Thank you very much for the expert guidance. I truly appreciate it.

Alan

Re: Capital Gain (Loss)

DawnC — Sat, 11 Jul 2020 23:05:00 GMT

You are very welcome. You have to itemize deductions on a Schedule A of a Form 1040 tax return to claim interest OR property taxes.