I bought a home to flip in another state as a side project and haven't sold it. How would I enter this?

[DS30 · Accepted solution]

You would not report this house purchase on your income tax return until you sell it.

You will however be able to claim any mortgage interest (as a second home) or property taxes paid during the year as an itemized deduction on Schedule A.

To enter home mortgage interest and property tax information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "Schedule a" in the search bar then select "jump to Schedule a". TurboTax will guide you in entering this information.

[joaquinfvazquez]

If the standard deduction is still higher with the mortgage interest and taxes on the 2nd home, can I claim these when I sell the home instead of this year?