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ggeaves1
New Member

We sold and bought a new home in 2016. I have posted the required information for the deductions on the home sold. Our new home we paid cash. How do I post the deductions for the new home we purchased?

 
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2 Replies

We sold and bought a new home in 2016. I have posted the required information for the deductions on the home sold. Our new home we paid cash. How do I post the deductions for the new home we purchased?

The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.
DS30
New Member

We sold and bought a new home in 2016. I have posted the required information for the deductions on the home sold. Our new home we paid cash. How do I post the deductions for the new home we purchased?

If you have no mortgage on your new home, then you will only be able to claim any property taxes paid in 2016 on this new home purchase. (No other reporting requirement is necessary. There is no longer a home gain exclusion rollover.)

To enter your Property Taxes in TurboTax Online or Desktop, please follow these steps:

  1. Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Deductions and credits”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Your Home”
  5. Choose "show more", then Property Taxes and follow the onscreen instructions


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