Solved: Can I deduct the amount we paid when we bought our house in 2017?
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stephaniez
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Can I deduct the amount we paid when we bought our house in 2017?

 
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jtax
Level 9

Can I deduct the amount we paid when we bought our house in 2017?

Amount paid for what? You cannot deduct most costs paid when buying a house until you sell the house (even then there is a gain exclusion that makes it not needed for many people).

You can deduct in the year of purchase any property taxes that you pay at closing (reimbursing the seller for taxes they paid prorated to the closing date) and mortgage interest you paid at closing (covering the time between closing and your first mortgage payment).

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jtax
Level 9

Can I deduct the amount we paid when we bought our house in 2017?

Amount paid for what? You cannot deduct most costs paid when buying a house until you sell the house (even then there is a gain exclusion that makes it not needed for many people).

You can deduct in the year of purchase any property taxes that you pay at closing (reimbursing the seller for taxes they paid prorated to the closing date) and mortgage interest you paid at closing (covering the time between closing and your first mortgage payment).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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