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February 21, 2020
Question

Should I report a house that I purchased on Dec. 16, 2019, with my first payment made on Feb. 1, 2020?

  • February 21, 2020
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1 reply

GiseleD
February 21, 2020

Are you referring to deducting mortgage interest and mortgage insurance on Schedule A (Itemized Deductions)? If so, you can only deduct these expenditures when you incur them. So if you did not incur these expenses in 2019, you will have to wait till 2020 to deduct them. 

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