turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

lmw85
New Member

If I put a down payment for the purchase of a home in 2018, but did not close on the home until 2019 can I deduct anything in 2018?

 
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
MichaelMc
New Member

If I put a down payment for the purchase of a home in 2018, but did not close on the home until 2019 can I deduct anything in 2018?

No. No part of the purchase price is tax deductible, so your down payment has no tax effect. In 2019, you will begin to see the full effects of home ownership, as mortgage interest and real estate taxes will be deductible.

My best advice: keep good records. Begin a file with your purchase contact and settlement documents. Track every improvement that you make to the home. These will contribute to your home's basis, which will become relevant when you eventually sell the home.

For more information, please refer to:

IRS Pub. 530 Tax Information for Homeowners


message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies