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June 1, 2019
Question

I bought a home in 2016. I am not seeing where I can enter information for closing costs, home improvements, etc.

  • June 1, 2019
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1 reply

Employee
June 1, 2019

 Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2016.  You should have a 1098 from your mortgage lender that shows this information.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees.  There are no deductions for appraisal, inspections, settlement fees. etc.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Improvements you made to your home are not deductible.  They add to the cost basis for someday when you sell the house,  Save your reccords. 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**