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I purchased a real property last year. There is no house or anything else on the property. Does this get entered somewhere on a tax form?

Forum|Forum|4 years ago
April 10, 2022
2 replies
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Does this count as purchasing a home? (I still own and live in my current home.) Do I owe tax on the purchase, or qualify for a credit or refund for some part of the purchase?

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Best answer by LeonardS

The purchase of the real property does not get entered on your tax return. This purchase does not count as buying a home, as it is vacant land. You do not owe income tax on the purchase but you will have to pay property tax on the property. You should receive a property tax bill from your county treasures office when payment is due. There are no credits/refunds for any part of the purchase.

DoninGA

Employee

The purchase of Land for personal use only is not reported on a tax return. There are no credits or refunds based on the purchase of the Land. It does not count as purchasing a home.

Carl11_2

Employee

Your only deductible expenses on a land purchase are property taxes and mortgage insurance. That's it. Both are a SCH A itemized deduction subject to the SALT limitations.

LeonardSAnswer

The purchase of the real property does not get entered on your tax return. This purchase does not count as buying a home, as it is vacant land. You do not owe income tax on the purchase but you will have to pay property tax on the property. You should receive a property tax bill from your county treasures office when payment is due. There are no credits/refunds for any part of the purchase.

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