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June 5, 2019
Solved

Money paid as a down payment on new house construction is that deductible?

  • June 5, 2019
  • 2 replies
  • 0 views
I gave the builder two checks each $6,200.00 in fall of 2016 as earnest money to start construction on a home that will be finished in May 2017.
Best answer by Celery63
No, that is not deductible.

2 replies

Celery63Answer
June 5, 2019
No, that is not deductible.
March 9, 2025

I paid a downpayment for a new house to begin construction in 2024 and it won't be finished until 2025.  Can I get the amount I paid as a deduction on my 2024 taxes?

DoninGA
Employee
March 9, 2025

No.  Purchasing a home is not reported on a tax return.