Question

New Home Construction Deductions

Forum|Forum|3 years ago
November 17, 2022
1 reply
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I closed on my new home which was a new construction this year, are there any tax deductions I should be aware of or information I should gather from my builder to consider?

L

LarryL20

Most of the closing costs are added to the cost of your house rather than deducted on your tax return. The primary exceptions are real estate taxes and interest paid.

TurboTax has a great information about home purchases at the following link: Buying Your First Home

Some of the items are limited to first time home buyers. So if this is not your first home, you can ignore those areas.

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I

Insignia

Dear LarryL20

So my brother purchased a house in 2012 and I went to live with him in 2012 on that property. After 2017 my brother moved to another state and in 2017 my brother gifted his house to my mom and my mom gifted it to me the same year. I recently sold the home and I do not know if I am suppose to register for taxes the price my brother payed for the home in 2012 or when my mom passed it to me on the fair market value in 2017. If it is 2017 FMV do I just take zillow FMV chart of what it was and print it out and submit that with my taxes this year or just submit the FMV price of what it would have been in 2017 online without the paper to show it?