Did you buy or sell a home in 2018?

Did you buy or sell a home in 2018?

If you purchased a home in 2018, certain closing costs may be deducted if you itemize your deductions.  These include mortgage interest and certain property taxes.  If you sold a home, the sale may have been reported to the IRS, depending on specific criteria including how long you lived in the home, whether it was your principle residence, and whether any portion of the home was used for rental or business. 

It’s best to consult your tax advisor or tax preparer with any questions about your individual situation.  If you closed on a sale or purchase in 2018, you should have a received a copy of your settlement statement from me with all of your closing costs and net proceeds.  If you have questions or need a copy of your statement, just give me a call.

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