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We moved this year and I see where to enter the info about the sale of our old home, but I don't see if I need to enter any info about the purchase of our new home?

 
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We moved this year and I see where to enter the info about the sale of our old home, but I don't see if I need to enter any info about the purchase of our new home?

You do not need to enter anything about the actual purchase of your new home.

 

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance (PMI) and loan origination fees (“points”) that you paid in 2019.  You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February.

 

Home Ownership

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

 

Buying a home is not a guarantee of a big refund.  Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.

 

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees.  There are no deductions for appraisal, inspections, title searches, settlement fees. etc.

 

Your down payment is not deductible.

 

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

 

Home improvements, repairs, maintenance, etc. for your own home are not deductible. 

 

Homeowners Association  (HOA) fees for your own home are not deductible.

**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.**
ColeenD3
Expert Alumni

We moved this year and I see where to enter the info about the sale of our old home, but I don't see if I need to enter any info about the purchase of our new home?

The only entries you would make for the purchase of the new home are the mortgage interest and property taxes. Keep good records personally of the cost and any improvements that you can add to the basis over the years. It will come in handy if you sell it.

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