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just_some_guy_in
Level 1

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

 
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Opus 17
Level 15

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

Just the fact that you own a house is not reported.  You may list property taxes that you pay as an itemized deduction, even if you don't also pay deductible mortgage interest.  Certain energy saving improvements may qualify for tax credits.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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DoninGA
Level 15

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

The purchase of a personal residence, not used in a business or as a rental, is not reported on a federal tax return.

 

The property taxes paid can be entered as an itemized deduction on Schedule A.  However, if the total of all your itemized deduction are less than the Standard Deduction for your filing status there is no point in entering itemized deductions.

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4 Replies
Opus 17
Level 15

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

Just the fact that you own a house is not reported.  You may list property taxes that you pay as an itemized deduction, even if you don't also pay deductible mortgage interest.  Certain energy saving improvements may qualify for tax credits.  

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
DoninGA
Level 15

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

The purchase of a personal residence, not used in a business or as a rental, is not reported on a federal tax return.

 

The property taxes paid can be entered as an itemized deduction on Schedule A.  However, if the total of all your itemized deduction are less than the Standard Deduction for your filing status there is no point in entering itemized deductions.

Carl
Level 15

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

You don't "have" to enter anything on your tax return concerning a primary residence you own free and clear. However, you "may" want to claim as a deduction any property taxes you pay. Property taxes will be a SCH A itemized deduction. So it may not make any difference on your tax liability. Until the total of all of your itemized SCH A deductions exceed your standard deduction, those itemized deductions have no impact on your tax liability.

With the tax law changes of 2018, it's estimated than less than 10% of tax filers will benefit from itemizing their deductions.

just_some_guy_in
Level 1

Next year when I file my income taxes, it will be the first year I have owned a house. There is no mortgage - the house is mine. Do I have to enter it when I file?

Thank you all!

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