I purchased a home last year. I was told I have to live in the home for at least six months before reporting this information on my taxes. Is that true?

Forum|Forum|7 years ago
June 1, 2019
2 replies
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I was advised that I have to live in the home for a minimum of six months before I can report the purchase on my taxes, but I feel this isn't correct information. I've lived in the house for a little over four months. Would I have to wait six months before filing (as the 6 months would come to a close before the tax-filing deadline date)? What type of information would I need to have before filing concerning this? Is there a range of how much to expect on my return for a home purchase? Thanks. 🙂

S

SweetieJean

Employee

Not true. However, if you lived there for only a few months in 2016, your itemized deductions (including mortgage interest and property taxes paid) may not be enough to exceed the Standaard deduction for Federal. State may be different.

Enter your Form 1098 in Federal taxes; Deductions and Credits; Your Home.

http://www.forbes.com/sites/kellyphillipserb/2016/02/01/understanding-your-forms-2016-1098-mortgage-...

DoninGA

Employee

The purchase of a personal residence is not reported on a federal tax return. You can deduct mortgage interest, property taxes, mortgage insurance (if applicable) and points paid for the new loan as itemized deductions on Form 1040 Schedule A.

There is not a first time homebuyer credit on a federal tax return. Some states may offer this and the state interview will cover this if available for your state.