Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

New Home

Highlighted
Level 1

Would I  enter the contractors that I paid for new Construction in expenses?

Labels (1)
0 Cheers
7 Replies 7
Highlighted
Level 12

@debra du 

You seem to be asking how to put something on a tax return that does not belong there, if you still own this house.

*******************************
"Level Up" is a gaming function, not a real life function.
Highlighted
Employee
Employee

Hello debra du!

I'm not quite sure what you are asking. PLEASE REVIEW THE RESPONSES BELOW

Most input for deductions related to new homes can be found at Deductions > Itemized Deductions (Sch A) > Interest. 

 

itemized interest.png


~Intuit Tax Product Specialist


**Say "Thanks" by clicking the thumb icon in a post

**Mark the post that answers your question by clicking on "Accept as solution"
0 Cheers
Highlighted
Level 15
Level 15
that's not where contractor payments go, this can be very misleading for people.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Highlighted
Level 12

I agree with @Just-Lisa-Now- . Please, @Ross , edit and remove that reply.

There is not enough info here, and you don't want to mislead others.

Let's review some basics:

When you pay for things, that doesn't make it Expense. Spending is not a synonym for Expense.

Something tangible, such as Real estate and especially the improvements or "home" are investments. Instead of Money, you have Property that has value.

The confusion often is that people think their personal life is all a tax write off of some sort.

If this "new home" was built by the contractor, paying subcontractors, for a project that is then for sale or sold, that would make all of this business. Even a Business operation does not write off the payments to the subcontractors. Again, the value still exists. The total investment would be part of the costs used against sales for determining profit.

So, short answer: contractor payments don't "go" on a tax return.

*******************************
"Level Up" is a gaming function, not a real life function.
Highlighted
Employee
Employee

I appreciate your insight into the question being asked! I agree that my interpretation of what was being asked was way off

I've noted in my response to review both @Just-Lisa-Now-  and your response so as to ensure that a correction solution can be reached. 


~Intuit Tax Product Specialist


**Say "Thanks" by clicking the thumb icon in a post

**Mark the post that answers your question by clicking on "Accept as solution"
Highlighted
Level 1

Thank you! I have that part done! 

0 Cheers
Highlighted
Level 12

@debra du 

You have which part "done?" Because so far, there is nothing that should be done for this.

More details always help.

*******************************
"Level Up" is a gaming function, not a real life function.