We closed our house on 12/31/2019. How do I get th...
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blopezb104
New Member

We closed our house on 12/31/2019. How do I get the information to deduct what we paid that day on our taxes?

 
3 Replies
Critter-3
Level 15

We closed our house on 12/31/2019. How do I get the information to deduct what we paid that day on our taxes?

First I highly doubt you paid anything that was deductible on an income tax return that closed on the last day of the year ... however look at the closing statement to see if you paid any POINTS  or  prepaid interest. 

DavidS127
Expert Alumni

We closed our house on 12/31/2019. How do I get the information to deduct what we paid that day on our taxes?

If you use Itemized Deductions instead of the Standard Deduction, your deductions for the home you purchased on 12/31/2019 would be mortgage interest, points, and real estate taxes.

 

Your settlement or closing statement for the home would list the interest and points/loan origination fees you paid at closing.  These amounts likely would have been reported to you on a Form 1098 from your mortgage company, if paid in 2019.

 

Your settlement or closing statement would also have any real estate taxes you paid when you purchased your home, other than those paid in escrow to the mortgage company. The real estate taxes paid in escrow are deductible when paid by the mortgage company.

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Carl
Level 15

We closed our house on 12/31/2019. How do I get the information to deduct what we paid that day on our taxes?

So far, everyone in this thread is assuming you closed on the PURCHASE of a house. So if you closed on the SALE of a house you owned prior to the sale, *make* *that* *clear*, because it changes everything.

 

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