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M
macwebgrrl
July 15, 2020
Question

We bought a new home for cash from the income from some of our 1099s. Is that deductible somewhere?

  • July 15, 2020
  • 1 reply
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xmasbaby0
Employee
July 15, 2020

"income from some of our 1099's"    Please explain.  Do you mean retirement account money reported on a 1099R?

 

No, buying your new home for cash is not deductible, but that money you took out of your retirement account is taxable and must be entered.

 

Do you have a 1099R?

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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