You'll need to sign in or create an account to connect with an expert.
No. Deductions for 2019 are for items paid in 2019. The deductions for homeowners are usually mortgage interest paid, real estate taxes paid, and qualifying mortgage insurance premiums paid. Like in TY 2018 if these plus other potential itemized deductions (out-of-pocket medical, personal taxes, charitable contributions) don't exceed your standard deduction, then you would normally take the standard deduction.
what costs do you think relate to 2019? the only one I can come up with is real estate taxes. in some places, taxes are assessed in arrears. thus In say Illinois you would pay 2018 real estate taxes in 2019. on the closing statement you would get a credit for this for the portion of 2018 you didn't own the home. But this would be a reduction of the 2018 taxes you paid in 2019. the closing statement should indicate what period is covered.
there is another possibility. perhaps the seller fully paid for the 2018 taxes, in that case, there would be a charge for the portion of the 2018 taxes that you should have paid.
unfortunately, we can not see the closing statement so this may be way off base in your situation.
most closing costs become part of basis.
perhaps if you detailed those items that are for "2019", we could give you a better explanation.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Joe Dobry
New Member
user17732418245
New Member
kathymyren5
New Member
KDM1066
New Member
butterflyrina
Level 2