Capital Gain (Loss)

jjf2008 · ‎July 10, 2020

purchased 2nd home (cash) in 2019 and still own it. can I claim (anything) it on 2019 taxes?

DoninGA · ‎July 10, 2020

Property taxes paid on the second home are deducted on Schedule A as an itemized deduction. That would be the only deduction since there is no mortgage.

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DawnC · ‎July 11, 2020

You are very welcome. You have to itemize deductions on a Schedule A of a Form 1040 tax return to claim interest OR property taxes.

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View solution in original post

DoninGA · ‎July 10, 2020

Property taxes paid on the second home are deducted on Schedule A as an itemized deduction. That would be the only deduction since there is no mortgage.

jjf2008 · ‎July 11, 2020

Thank you very much for the expert guidance. I truly appreciate it.

Alan

DawnC · ‎July 11, 2020

You are very welcome. You have to itemize deductions on a Schedule A of a Form 1040 tax return to claim interest OR property taxes.

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

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Capital Gain (Loss)