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Anna-cooper10
New Member

I purchased a second home in 2016. Other than the Points I paid is there any other deductions I can use such as the down payment?

no
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PatriciaV
Expert Alumni

I purchased a second home in 2016. Other than the Points I paid is there any other deductions I can use such as the down payment?

Unfortunately, the down payment on a second home is not tax-deductible.

However, you may report the mortgage interest, property taxes, and private mortgage insurance (PMI) that you paid during the year. These expenses are entered under Deductions & Credits >> Your Home in the same section as the interest & taxes on your primary residence.

To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "mortgage interest", then click the topic in the list and GO to go directly to the start of this section. Follow the prompts to enter your expenses for your second home.

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PatriciaV
Expert Alumni

I purchased a second home in 2016. Other than the Points I paid is there any other deductions I can use such as the down payment?

Unfortunately, the down payment on a second home is not tax-deductible.

However, you may report the mortgage interest, property taxes, and private mortgage insurance (PMI) that you paid during the year. These expenses are entered under Deductions & Credits >> Your Home in the same section as the interest & taxes on your primary residence.

To find this section in TurboTax, open your return, then go to My Account >> Tools >> Topic Search. Type in "mortgage interest", then click the topic in the list and GO to go directly to the start of this section. Follow the prompts to enter your expenses for your second home.

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