2007-02-02 07:44:50 · 4 answers · asked by marty d 2 in Business & Finance ➔ Taxes ➔ United States
No they are not. However, they do increase the basis of the house that you purchase with the mortgage.
2007-02-02 07:51:46 · answer #1 · answered by Homeslice 4 · 0⤊ 0⤋
Only points are deductible, all other charges will be added to the cost base when you sell the house. If it is refinance, points paid have to be divided by the life of the mortgage(example $3000/30 year=$100 a year deduction).
2007-02-02 15:54:41 · answer #2 · answered by Z M 1 · 0⤊ 0⤋
What do you mean costs for getting a mortgage? If you paid points on the mortgage, that is deductible. If you paid broker's fees, that would be deductible as points if the fee was set to be a percentage of the mortgage amount. If the fee was a fixed amount, then it would not be deductible. All other closing costs, such as title fees, document filing fees, etc. are nondeductible, but they can be added to your basis in the property.
2007-02-02 15:51:57 · answer #3 · answered by jseah114 6 · 0⤊ 0⤋
Some of them.
2007-02-02 16:16:40 · answer #4 · answered by whymewhynow 5 · 0⤊ 0⤋