I purchased a first home in April but have not yet moved in because lease is not up on apartment.Can I still claim deductions for property tax and home improvement?

Forum|Forum|7 years ago
June 1, 2019
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Best answer by DoninGA

If you are the legal owner of the personal residence then you can deduct any mortgage interest, mortgage points paid, mortgage insurance paid and property taxes paid for the residence as an itemized deduction on Form 1040 Schedule A. Assuming the residence is not used as a rental or in a business. Improvements to a personal residence are not deductible on a federal tax return. The cost of the improvement is added to the basis of the home when it is sold.

DoninGAAnswer

Employee

If you are the legal owner of the personal residence then you can deduct any mortgage interest, mortgage points paid, mortgage insurance paid and property taxes paid for the residence as an itemized deduction on Form 1040 Schedule A. Assuming the residence is not used as a rental or in a business. Improvements to a personal residence are not deductible on a federal tax return. The cost of the improvement is added to the basis of the home when it is sold.