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June 5, 2019
Question

I purchased a mobile home and paid cash for it and forgot to see if it can be claimed in taxes. I have exiled. Need help as what to do.

  • June 5, 2019
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1 reply

June 5, 2019

If you paid cash, you should not have a mortgage. The IRS lets you deduct your mortgage interest and taxes paid, but only if you take the itemized deduction. You can't deduct the principal. Itemizing will upgrade your return to TurboTax Deluxe. See more about itemizing to determine if you need to amend your return before you make any changes and incur additional fees: https://ttlc.intuit.com/replies/3302313