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2016ttnewbie
New Member

Where can I put in closing costs for purchasing a new home?

 
1 Reply
DS30
New Member

Where can I put in closing costs for purchasing a new home?

It depends.

When you buy or sell a home, you will only be able to claim a deduction for a limited amount of the closing costs. (Most other non-deductible closing costs will be add to the basis on the property purchase/sold.)

The only closing costs listed on your HUD statement that may be deductible if paid by you  and if you are itemizing your deductions would be amounts you paid at closing for any county or city taxes (additional property taxes) (lines 106. 107), loan origination fees or loan discounts (lines 801,802) and prorated mortgage interest (line 901) (if not included on your Form 1098 from your mortgage lender).

To enter your Property Taxes in TurboTax Online or Desktop (for TurboTax Online sign-in, click Here), 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

To enter your Mortgage Interest and points 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 Mortgage Interest, Refinancing and Insurance and follow the onscreen instructions. You will need to enter the Mortgage lender's name and interest expense.


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