I bought and closed on a home in 2016. I wasn't asked for and don't see where I deduct the closing costs?????

dirkandray — Thu, 06 Jun 2019 00:51:21 GMT

I have turbo tax premium 2016.

The actual purchase is not reported on the tax return. An...

MargaretL — Thu, 06 Jun 2019 00:51:22 GMT

The actual purchase is not reported on the tax return. And most closing costs are not tax deductible. However, there are certain items that you can deduct on purchase of a home; all of them are located in the Deductions & Credits section, Your Home category:

1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing

2. Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)

3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance

You cannot deduct : settlement fees, such as appraisal fees, attorney fees, inspection costs and legal and recording fees.

Please refer to Buying Your First Home link for details.

topic I bought and closed on a home in 2016. I wasn't asked for and don't see where I deduct the closing costs????? in Deductions & credits

I bought and closed on a home in 2016. I wasn't asked for and don't see where I deduct the closing costs?????

The actual purchase is not reported on the tax return. An...