We purchased a home with cash (using wire transfer). How do we report this on our taxes?
I am not looking for deductions, just making sure to report the home purchase.
02110
2 Replies
xmasbaby0
Level 15
Jan 26, 2022 10:20:06 AM
There is nothing to "report" about buying a home on your tax return. All you enter or "report" is property tax you paid in 2021 since you will not have any mortgage interest, loan origination fees or private mortgage insurance.
Cynthiad66
Expert Alumni
Jan 26, 2022 10:26:08 AM
Purchasing a home is not a taxable event. Nothing to report except possibly real estate taxes that may have been paid at closing.