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Old 01-30-2007, 08:04 PM
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Should I report to IRS that I bought a house?

Do you have to report to IRS that you bought a house if you have not sold it yet?



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Old 01-31-2007, 01:19 AM
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The answer is no! You are not required to report the original purchase of a principal residence.

Tax Tip:
However, you should report the property taxes paid on the new home along with any interest paid on the loan for buying the home (assuming you have financed the home purchase), and, this is reported on schedule A of the 1040 Form.

You will obtain a greater deduction and hence save on your personal income taxes if you itemize on the 1040 by reporting the Mortgage interest and property taxes.

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