topic I purchased property how do i claim it on my taxes? in Mississippi this would be my 1st yr owning it in Deductions & credits

I purchased property how do i claim it on my taxes? in Mississippi this would be my 1st yr owning it

gcookie72 — Mon, 23 Feb 2026 10:04:43 GMT

Re: I purchased property how do i claim it on my taxes?in Mississippi this would be my 1st yr owning it

Carl — Fri, 27 Jan 2023 00:20:58 GMT

Real estate that you purchase for personal use is not reported anywhere on a federal tax return. Business use is a different story, depending on the type of business (rental, business you own, etc.) But any property taxes paid on the property would be a SCH A itemized deduction. If the property is mortgaged and meets certain criteria, then any mortgage interest paid would also be an itemized SCH A deduction.

Re: I purchased property how do i claim it on my taxes? in Mississippi this would be my 1st yr ow...

ThomasM125 — Fri, 27 Jan 2023 00:30:33 GMT

The purchase of property would not be something you would claim on your tax return, unless it was associated with a rental or business activity. You can claim property taxes and mortgage interest associated with a property for your principle house and one additional property it you can benefit from itemizing deductions on your tax return.

You will see that option in the Your Home menu option in the Deductions and Credits section of TurboTax.