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Where do I enter information from my closing disclosure for a home purchased in October 2020? No 1098 form.

 
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2 Replies
JohnB5677
Expert Alumni

Where do I enter information from my closing disclosure for a home purchased in October 2020? No 1098 form.

The only costs you can deduct are:

  • state and local real estate taxes actually paid to the taxing authority and 
  • interest that qualifies as home mortgage interest, and mortgage insurance premiums.

Other information may be included in the home's cost basis

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Carl
Level 15

Where do I enter information from my closing disclosure for a home purchased in October 2020? No 1098 form.

If you closed in the purchase in 2020, then nothing concerning the purchase is deductible at all on your 2021 return. Assuming you really closed in 2021, was this property purchased as your primary residence, 2nd home, vacation home? Or was it purchased as rental property and you are using the property in the production of income? (Such as rental income) You should have been provided an ALTA settlement statement at the closing. Do you have it? If not, find it, as you'll need it for your taxes, assuming you really closed in 2021.

 

 

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