turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I purchased a house how do i file it on my taxxes

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
LinaJ2018
Intuit Alumni

I purchased a house how do i file it on my taxxes

As buying a new home is not a reportable transaction per IRS, there is no a special section in the TurboTax online program to record the transaction.  However, you are allowed to claim the following deductions related to your home:

1.  Mortgage Interest Expense

2.  Real Estate Taxes

3.  Points

4.  Mortgage Insurance Payments ( if there is any)

At closing, you can deduct mortgage interest, points and property tax. All other expenses of closing are not deductible. Instead, you add them to the cost basis of your home to reduce the gain when you sell.  You are advised to save the closing statement until you eventually sell your home.


To enter information in TurboTax online program, go to:

After sign into your account and select Take me to my return

1.  On the screen, from the top, select tab Federal Taxes / Deductions and Credits

2.  Scroll down to Your Home, select Mortgage Interest, Refinancing and Insurance  and 

3.  Property ( Real Estate ) Taxes to enter related information

Please note that when you enter itemized deductions such as mortgage interest, property taxes, medical expenses, charitable contributions, all of these items are added together on Schedule A. Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund.


For more information, please see this TurboTax Guide to Home Ownership

IRS Pub. 530, Tax Information for Homeowners

http://www.irs.gov/pub/irs-pdf/p530.pdf

and IRS Pub. 523, Selling your home

http://www.irs.gov/pub/irs-pdf/p523.pdf

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies