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mg3
Returning Member

Where can we enter the prepaid interest paid on the purchase of a new home ?

 
1 Reply
jerry2000
Alumni

Where can we enter the prepaid interest paid on the purchase of a new home ?

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
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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.
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