Skip to main content
January 21, 2020
Question

I bought a house in 2019, where do I enter that information

  • January 21, 2020
  • 1 reply
  • 0 views
No text available

1 reply

VictoriaD75
January 21, 2020

There are a few benefits to home ownership that can affect your taxes. Be sure you have your closing documents and 1098's from the mortgage company. In TurboTax, complete the following:

  1. Click on Deductions & Credits
  2. Under All Tax Breaks, choose Your Home
  3. Click Start next to Mortgage Interest and Refinancing and enter the information requested from the 1098

You should be able to enter everything on those screens. However, if you paid interest or property taxes at closing not reported on your 1098, you may need to enter additional information and complete the entries for Property (Real Estate) Taxes found just below the mortgage interest area. Be careful that it does not get double counted.

 

Mortgage interest and property taxes are itemized deductions. They will only affect your return if your total itemized deductions are greater than the standard deduction for your filing status. So, if you make these entries and your refund amount does not change, do not be alarmed. TurboTax does the calculations and determines if the standard deduction or itemizing is best for you. Property taxes are part of the state and local taxes and are capped at $10,000, including any state income tax.

 

No other items concerning the purchase of your home will need to be entered until the year of sale. Congratulations on your new home!

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"