I purchased a house how do i file it on my taxxes

marcia_moate — Thu, 06 Jun 2019 09:43:28 GMT

As buying a new home is not a reportable transaction per...

LinaJ2018 — Thu, 06 Jun 2019 09:43:30 GMT

As buying a new home is not a reportable transaction per IRS, there is no a special section in the TurboTax online program to record the transaction. However, you are allowed to claim the following deductions related to your home:

1. Mortgage Interest Expense

2. Real Estate Taxes

3. Points

4. Mortgage Insurance Payments ( if there is any)

At closing, you can deduct mortgage interest, points and property tax. All other expenses of closing are not deductible. Instead, you add them to the cost basis of your home to reduce the gain when you sell. You are advised to save the closing statement until you eventually sell your home.

To enter information in TurboTax online program, go to:

After sign into your account and select Take me to my return

1. On the screen, from the top, select tab Federal Taxes / Deductions and Credits

2. Scroll down to Your Home, select Mortgage Interest, Refinancing and Insurance and

3. Property ( Real Estate ) Taxes to enter related information

Please note that when you enter itemized deductions such as mortgage interest, property taxes, medical expenses, charitable contributions, all of these items are added together on Schedule A. Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund.

For more information, please see this TurboTax Guide to Home Ownership

IRS Pub. 530, Tax Information for Homeowners

http://www.irs.gov/pub/irs-pdf/p530.pdf

and IRS Pub. 523, Selling your home

http://www.irs.gov/pub/irs-pdf/p523.pdf

topic I purchased a house how do i file it on my taxxes in Deductions & credits

I purchased a house how do i file it on my taxxes

As buying a new home is not a reportable transaction per...