Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 2, 2021 5:57:01 PM

We bought a house in 2020 that we paid cash for how/where do i enter that?

0 5 1000
5 Replies
Level 15
Jun 2, 2021 6:07:45 PM

The purchase of a personal residence is not reported on an INCOME tax return. 

Level 15
Jun 2, 2021 6:08:48 PM

You do not enter that you bought a house or that you paid cash for it.   If you paid any property tax in 2020 you can enter that --- unless you have enough itemized deductions to exceed your standard deduction it will not have an effect on your refund or tax due.

Level 15
Jun 2, 2021 6:09:50 PM

You can enter the property tax you paid in 2020.  Do you need to enter the house for self employment home office?

 

How to enter Home Office

https://ttlc.intuit.com/community/credits-and-deductions/help/where-do-i-enter-the-home-office-deduction-for-my-business/00/26538

 

New Member
Nov 26, 2021 11:28:19 AM

Following this thread.  We had closing costs, property taxes and broker fees we need to write off.  I can only enter it if I say we have a mortgage, which we don't.  

Level 15
Nov 26, 2021 11:37:37 AM

closing costs and broker fees  Not deductible on a personal residence anywhere.

 

property taxes  Skip the mortgage section and enter RE taxes in the next section :