topic Re: Bought a House in Late 2024, First Mortgage Payment in 2025 in Deductions & credits

Bought a House in Late 2024, First Mortgage Payment in 2025

Nicole101 — Sat, 18 Jan 2025 14:11:39 GMT

My fiancee and I purchased a home in late November of 2024. Our first mortgage payment wasn't paid until January 1st, so nothing was paid in 2024. How do I handle this on our tax returns?

Additionally, we are both on the house, but I am the only one on the mortgage. How do I handle this on our tax returns?

Re: Bought a House in Late 2024, First Mortgage Payment in 2025

xmasbaby0 — Sat, 18 Jan 2025 14:15:29 GMT

Unless you prepaid any interest or property tax in 2024, there is nothing to enter about the house on your 2024 tax return. The "purchase " of a house is not entered---only mortgage interest, property tax paid, or loan origination points.

So----next year when you prepare a return for tax year 2025, you will deal with this. Post back then----will you be married by then?

Re: Bought a House in Late 2024, First Mortgage Payment in 2025

Nicole101 — Sat, 18 Jan 2025 14:30:45 GMT

Yes. Getting married in October 2025

Re: Bought a House in Late 2024, First Mortgage Payment in 2025

xmasbaby0 — Sat, 18 Jan 2025 14:34:58 GMT

@Nicole101 Best Wishes! When you prepare your 2025 return next year, you can enter the home owner amounts on your 2025 return. You will want to file a joint return for 2025. We can help you with that next year.

Re: Bought a House in Late 2024, First Mortgage Payment in 2025

Nicole101 — Sat, 18 Jan 2025 14:37:54 GMT

Thank you!