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edl008
New Member

I bought a home in 2016. I didnt pay any interest because i closed on December 30, 2016. How do i go about this?

 
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MargaretL
Expert Alumni

I bought a home in 2016. I didnt pay any interest because i closed on December 30, 2016. How do i go about this?

There may be nothing for you to claim on your tax return for the tax year 2016. 

Since you didn't pay the mortgage interest in 2016, claiming your real estate taxes or points (if you paid them at closing) may not make a difference on your tax return. All those expenses are part of your itemized deductions, but it is often not enough to claim them without claiming mortgage interest.

You may enter all of your itemized deductions into TurboTax, such as above and any charitable donations, charitable donations; the program will let you know if you are better of using them or using standard deduction (fix amount set by the IRS) to reduce your taxable income. Next year, once you will have mortgage interest that you can claim, the situations may be different.

I'm including some information about itemized deductions and standard deduction.

https://ttlc.intuit.com/replies/3302313

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