Does a closing of a house on 1/4/2021 count toward...
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mackiecook13
New Member

Does a closing of a house on 1/4/2021 count towards 2020 or 2021 taxes? I know the cutoff for the stimulus check is 1/15/2021 so was wondering if it was the same idea.

 
2 Replies
Miss MCJ2
Level 3

Does a closing of a house on 1/4/2021 count towards 2020 or 2021 taxes? I know the cutoff for the stimulus check is 1/15/2021 so was wondering if it was the same idea.

It will be reported on the 2021 tax return.  The stimulus check cutoff is a special effort to try to get as many checks paid out before people start to file the 2020 taxes.

xmasbaby0
Level 15

Does a closing of a house on 1/4/2021 count towards 2020 or 2021 taxes? I know the cutoff for the stimulus check is 1/15/2021 so was wondering if it was the same idea.

Not sure what you are trying or hoping to enter in regard to closing on a house.  Buying a house in itself is not something to report on a tax return.  What you enter about home ownership---for the tax year in which you ARE a homeowner-- is mortgage interest paid, property tax paid, private mortgage insurance paid, and loan origination fees ("points").    At the end of a tax year in which you have owned a home, you get a document called a 1098 from the lender that you use on your tax return if you are itemizing deductions.  

 

But since you say you are buying /selling a house in 2021, you have nothing about that to enter on a 2020 tax return.  Wait for next year.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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