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May 16, 2021
Question

How do i claim the purchase of the home i bought 11/2020? can i still claim my house that did not sell until 1/2021?

  • May 16, 2021
  • 1 reply
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How can i add the purchase of a primary home that was purchased 11/2020?

How do I still claim my current mortgage and taxes on the current house that did not sell until 1/2021?

1 reply

DawnC
Employee
May 16, 2021

You do not need to enter the purchase of the new home.   And you will enter the sale of the other home on next year's return.   If you own a home, you may be able to deduct:

You can claim the amounts paid in 2020 for the items above for both homes.    Unless it's a rental, you won't be able to deduct homeowner's insurancerepairs, or home improvements.

 

The IRS lets you deduct your mortgage interest, but only if you itemize deductions. You can't deduct the principal (the borrowed money you're paying back).    Mortgage interest is usually reported on Form 1098, Mortgage Interest Statement. After you enter your 1098 in TurboTax, we'll ask a series of follow-up questions to make sure you're qualified to take the deduction.

 

 

 

Tax Breaks and Home Ownership - These deductions are entered in the Your Home section of the Deductions and Credits section.  

 

 

 

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