Solved: Can we calim interes and taxes paid in 2017 to our credit union on a home we sold and one we bought?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

Can we calim interes and taxes paid in 2017 to our credit union on a home we sold and one we bought?

I did not see any place on Advantage to indidacte that we also bought a home in 2017-am I missing something?
1 Best answer

Accepted Solutions
Highlighted
Employee Tax Expert

Can we calim interes and taxes paid in 2017 to our credit union on a home we sold and one we bought?

Yes, you can deduct the interest and taxes paid on both homes.

A home purchase isn't directly entered in TurboTax, but the interest/taxes/points paid/mortgage insurance premiums are entered in the Your Home section and are deductible if you itemize your deductions. 

Enter the 1098 forms for both homes if you received them. If you didn't receive a 1098 form but paid interest, enter it in the section as if you did receive it. Report the interest in Box 1 of the form.

Also look to your closing statements to deduct any interim interest/taxes paid when you closed on the home. Do not deduct escrow amounts, however.

**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

1 Reply
Highlighted
Employee Tax Expert

Can we calim interes and taxes paid in 2017 to our credit union on a home we sold and one we bought?

Yes, you can deduct the interest and taxes paid on both homes.

A home purchase isn't directly entered in TurboTax, but the interest/taxes/points paid/mortgage insurance premiums are entered in the Your Home section and are deductible if you itemize your deductions. 

Enter the 1098 forms for both homes if you received them. If you didn't receive a 1098 form but paid interest, enter it in the section as if you did receive it. Report the interest in Box 1 of the form.

Also look to your closing statements to deduct any interim interest/taxes paid when you closed on the home. Do not deduct escrow amounts, however.

**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

Privacy Settings