What will i need for tax preparer to prove closing cost?
2007-01-31 10:51:23 · 5 answers · asked by darryl p 1 in Business & Finance ➔ Taxes ➔ United States
Mostly, no. You can take things like interest & property taxes. Points must be amoritized over the life of the loan. If you had been aoritizing points from a prior refi, those are deductible.
You may wish to get a competent tax preparer to help (not H&R Block).
2007-01-31 11:00:51 · answer #1 · answered by Dizney 5 · 0⤊ 0⤋
No, most of those closing costs are not deductible.
If you paid any points you will have to spread them out over the life of the loan, i.e. if you have a 30 year loan you can take 1/30 of the points each year and add them to the interest that you deduct.
Your preparer will just need the closing statement to figure the deductible portion of any points paid.
2007-01-31 11:12:55 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
That sure is a lot of money just to refinance a mortgage.
2007-01-31 11:08:31 · answer #3 · answered by T G 2 · 0⤊ 0⤋
If we knew the stability of your own loan it would be surprisingly undemanding math. One quarter of a p.c. on $one hundred,000 is $250. although, that being suggested....in case you pay one way or yet another then basically pay it in case you have it.
2016-11-02 00:08:00 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Thanks everyone for the answers!
2016-08-23 16:45:49 · answer #5 · answered by Anonymous · 0⤊ 0⤋