I sold my house in November last year, I filled out the part about selling a house but is there nothing to file when buying a home? Thank you in advance.

[LeeM · Accepted solution]

You do not have to file anything when buying your home, unless it is a rental property. 

However, there are items you can deduct (see below).

Deductible Closing Costs and Other Information 

Most expenses at closing on the purchase or refinance of a home are added to the cost of a home and are not deductible but are added to the cost basis of the home.  There are a few exceptions - the following would be deductible:  

1. Interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment.) This is sometimes included in the 1098 from the new lender.  

2. Real estate taxes charged to you and not reimbursed by seller  

3. Points or origination fees.  On a refinance they need to be amortized over the life of the loan unless the points were used to improve your main home.  

4. Private mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization.  

Title fees, real estate commissions, documentary stamps, credit report costs, costs of an abstract, transfer taxes, attorney fees, etc. are not deductible, but are added to the cost of the property.  

You can also find a lot of useful information about fees, buying your house and how it affects your taxes in the TurboTax article linked to below:  

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Buying-Your-First-Home/INF12009.html  

How to Enter your 1098-A and Other Closing Costs 

You can follow the directions below and walk through the rest of the interview to enter your deductible closing costs. The same section will also allow you to enter property taxes, etc.