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My husband and I just brought a new ho.e can I carry the house on my taxes?

 
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JulieCo
New Member

My husband and I just brought a new ho.e can I carry the house on my taxes?

Yes, there are expenses related to home ownership that can be deducted on your taxes in you owned a home during 2017.  

Mortgage interest paid during the year is the biggest tax break deduction related to homeownership, plus property taxes paid can be deducted as well. Therefore, if at closing you paid a portion of the property taxes, you can include that amount in your itemized deduction total.  Also, any points paid at closing are deductible as interest in that year of closing, as long as the cash you paid at closing via your down payment equals the points.  If you have a mortgage, you should receive a 1098 interest form from your mortgage company which will state the amount of mortgage interest you paid in 2017. 

Note that these expenses are only deductible if you itemize on your tax return.  Therefore the total of your itemized deductions would need to be greater than the standard deduction for you to deduct these costs in 2017.  

TurboTax will walk you through all of these potential itemized expenses to get them reported on your tax return, as well as to determine whether you should take the itemized deductions or the standard deduction.

Here is more information related to tax deductions and owning a home:  

Tax Deductibility and Buying Your First Home

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1 Reply
JulieCo
New Member

My husband and I just brought a new ho.e can I carry the house on my taxes?

Yes, there are expenses related to home ownership that can be deducted on your taxes in you owned a home during 2017.  

Mortgage interest paid during the year is the biggest tax break deduction related to homeownership, plus property taxes paid can be deducted as well. Therefore, if at closing you paid a portion of the property taxes, you can include that amount in your itemized deduction total.  Also, any points paid at closing are deductible as interest in that year of closing, as long as the cash you paid at closing via your down payment equals the points.  If you have a mortgage, you should receive a 1098 interest form from your mortgage company which will state the amount of mortgage interest you paid in 2017. 

Note that these expenses are only deductible if you itemize on your tax return.  Therefore the total of your itemized deductions would need to be greater than the standard deduction for you to deduct these costs in 2017.  

TurboTax will walk you through all of these potential itemized expenses to get them reported on your tax return, as well as to determine whether you should take the itemized deductions or the standard deduction.

Here is more information related to tax deductions and owning a home:  

Tax Deductibility and Buying Your First Home

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