Should i get a deduction for down payment of a new home being built

mmagee90 · ‎February 7, 2022

Had to put a down payment on a new home being built

DoninGA · ‎February 7, 2022

No, there is no deduction for the purchase of a personal residence, including any down payment. The purchase of a personal residence, not used as a rental or in a business, is not reported on a tax return.

Bsch4477 · ‎February 7, 2022

There is no deduction for that.

xmasbaby0 · ‎February 7, 2022

No. There is no deduction for your down payment, not when you are building and not later.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

VolvoGirl · ‎February 7, 2022

The down payment will just be part of your total cost when you sell it.

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Should i get a deduction for down payment of a new home being built