I bought a condo with cash, no mortgage. Does this need to be reported on taxes?

Forum|Forum|2 years ago
March 5, 2024
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Best answer by Vanessa A

No. If you bought a condo with cash, there is nothing to report on your taxes unless you are itemizing your return and you paid property taxes. The property taxes would be the only deductible expense if you have no mortgage.

Just make sure to keep records of your home purchase and any major improvements for when you sell your condo. This will allow you figure out your cost basis of your home which will limit the gain on the sale if you ever sell it.

Tax Aspects of Home Ownership: Selling a Home

Standard versus Itemized Deduction

Vanessa AAnswer

Tax Aspects of Home Ownership: Selling a Home

Standard versus Itemized Deduction

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xmasbaby0

Employee

You do not have to enter that you purchased a condo. If you paid property tax in 2023, and if you are itemizing deductions, you can enter the property tax. Or is this is a condo you are using as a rental property and renting it out to tenants---you will need to enter information about that. But...there is no place on a federal tax return to just tell the IRS you purchased a home.

**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.**

Carl11_2

Employee

The only thing you can claim is property taxes as a SCH A itemized deduction.
If this is rental property, you need to let it be known, as that changes things a bit.