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If I bought a house on December 28, 2022, can I wait until I file my 2023 taxes to claim the new purchase on my tax return?

My new purchase is my primary residence (I haven't owned a home in over five years) and it is in a different state. I didn't actually change my personal address to the new state until January, so I just filed my 2022 taxes without noting the home change. But now wondering if I can legally claim the closing on my 2023 taxes.
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2 Replies
HelenC12
Expert Alumni

If I bought a house on December 28, 2022, can I wait until I file my 2023 taxes to claim the new purchase on my tax return?

If you bought a personal residence, you don't enter it on your income tax return. Only when you sell your house. 

 

However, if you have mortgage interest, points or real estate taxes (from your closing statement), no, you can't legally claim them in tax year 2023 if you paid them in 2022.

  • You're a cash basis taxpayer. A cash basis taxpayer is a taxpayer who reports income and deductions in the year that they are actually paid or received.

Additional information: I bought a house, what can I deduct?

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Carl
Level 15

If I bought a house on December 28, 2022, can I wait until I file my 2023 taxes to claim the new purchase on my tax return?

The only possible deductions you have on your new primary residence purchase for 2022 is property taxes and mortgage interest, which most likely would have been paid that the closing. That's pretty much it.  Since those are SCH A itemized deductions, chances are it would make no difference on your 2022 tax liability anyway, as SCH A deductions do nothing for you on the tax front, until the total of all of those itemized deductions exceeds your standard deduction.

now wondering if I can legally claim the closing on my 2023 taxes.

No.  any deductible expenses incurred/paid in 2022, would have to be claimed on your 2022 tax return. You can't change that.

 

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