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July 16, 2020
Question

I moved in my home in dec 2019, interest , insurance, and taxes were not paid until jan 2020. does this loan still qualify for my 2019 taxes?

  • July 16, 2020
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Employee
July 16, 2020

Unless you pre-paid some interest, loan origination fees or property tax in 2019, then you will wait and enter your home ownership amounts on your 2020 return when you file a return next year in early 2021.

In January/early February of 2021 you will receive a form 1098 from your lender.

 

Home Ownership

There is not a first time home buyers credit on a Federal return. That ended in 2010. If your state has such as credit, you will be able to enter it when you prepare your state return.

 

Buying a home is not a guarantee of a big refund.  Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home

ownership deductions.

 

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, title searches, settlement fees. etc.

 

Your down payment is not deductible.

 

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

 

Home improvements, repairs, maintenance, etc. for your own home are not deductible. 

 

Homeowners Association  (HOA) fees for your own home are not deductible.

**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.**