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hamlin98004
New Member

How do I enter information about the purchase of my new home on my return?

 
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Accepted Solutions
KrisD
Intuit Alumni

How do I enter information about the purchase of my new home on my return?

Unless it is a rental, you will not report the purchase, although you can report the mortgage interest and taxes you paid. 

The interest you paid will be reported on Form 1098, and you can enter that. Also enter any property taxes you paid in 2018, including any that might have been paid at closing. Be sure you report what you paid, not what the bank held in escrow. 

Also, keep your documents in a safe place. If you decide to sell the house in the future, you may need to report your purchase cost. 

If you are unsure of how to read the closing statement to see if you paid any property taxes, ask the real estate  or closing agent for clarification. 

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1 Reply
KrisD
Intuit Alumni

How do I enter information about the purchase of my new home on my return?

Unless it is a rental, you will not report the purchase, although you can report the mortgage interest and taxes you paid. 

The interest you paid will be reported on Form 1098, and you can enter that. Also enter any property taxes you paid in 2018, including any that might have been paid at closing. Be sure you report what you paid, not what the bank held in escrow. 

Also, keep your documents in a safe place. If you decide to sell the house in the future, you may need to report your purchase cost. 

If you are unsure of how to read the closing statement to see if you paid any property taxes, ask the real estate  or closing agent for clarification. 

View solution in original post

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