Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-30-2007, 08:04 PM
Junior Member
 
Join Date: Jan 2007
Posts: 1
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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-31-2007, 01:19 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
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.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.