2006-12-10 07:06:25 · 4 answers · asked by rapid8 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Varies. Usually the legal fees are, along with the points. The Tax guide will provide you with the rules. See IRS.gov.
2006-12-10 07:09:24 · answer #1 · answered by Aggie80 5 · 0⤊ 0⤋
Only points or loan origination fees are deductible. On the initial purchase of the home, they are fully deductible in the year of the purchase. If you are refinancing a home you already own, the points are deductible evenly over the life of the loan. All other expenses are nondeductible, but you can capitalize them into the purchase price of the home to determine your basis in the residence for purposes of calculating your gain when you sell the home in the future.
2006-12-10 23:34:06 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
I'd hope so, but to my knowledge, only "points" are tax deductable, and for most cases, they must be pro-rated over the life of the mortgage.
2006-12-10 15:14:58 · answer #3 · answered by cattbarf 7 · 0⤊ 0⤋
yes
2006-12-14 13:14:02 · answer #4 · answered by karen h 3 · 0⤊ 0⤋