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New Member
posted Jun 3, 2019 10:50:14 AM

Where do I enter my closing cost for a home we purchase in 2016

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1 Replies
New Member
Jun 3, 2019 10:50:15 AM

The only closing costs that may be deductible as a buyer of a house (if you are itemizing your deductions) would be amounts you paid at closing for any county or city taxes (additional property taxes), loan origination fees or loan discounts and prorated mortgage interest (if not included on your Form 1098 from your mortgage lender).

For additional property taxes at closing, just combined with all property taxes on your primary residence and input as Property Taxes in TurboTax Online or Desktop (for TurboTax Online sign-in, click Here) using the 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

For additional mortgage interest/points, you will want to add a lender (using the same information for your lender on your 1098) and report your mortgage interest in TurboTax Online or Desktop using the following 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.