{"id":29737,"date":"2016-06-09T13:30:53","date_gmt":"2016-06-09T18:30:53","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/?p=29737"},"modified":"2026-01-20T10:32:44","modified_gmt":"2026-01-20T16:32:44","slug":"buying-or-selling-a-house","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/filing\/personal-tax-planning\/buying-or-selling-a-house\/","title":{"rendered":"Tax Implications of Buying or Selling a House"},"content":{"rendered":"

Whether you are buying or selling a house, the process can be quite stressful, especially when thinking about potential tax implications. Let\u2019s look at the documents you need to save and the tax issues you will need to consider.<\/p>\n

Buying a House<\/h2>\n

The Closing Disclosure Form<\/a>\u00a0is one of the most important documents in the home-buying process. In an effort to better inform homebuyers of the terms of their mortgages, the old HUD-1, \u201cSettlement Statement,\u201d<\/em>\u00a0has been replaced with the Closing Disclosure Form.<\/p>\n

All homebuyers should receive this document and keep it in a safe place. This form basically gives a picture of all the closing transactions and provides a complete list of incoming and outgoing funds. The statement helps determine the basis of your new home, as well as what you can deduct on your taxes.<\/p>\n

Extra Tax Benefits<\/em><\/h3>\n

After purchasing a home, it may be beneficial to start itemizing if you weren\u2019t already. As a homeowner, you can now deduct your:<\/p>\n