I bought a house in nov. can I get back my closing cost with my tax return?

Question

I was told at closing that all my closing cost would be refunded with my tax return. My tax preparer says no Can I???

Answer 1

Whoever told you that was wrong, and your tax preparer is right. You might be able to deduct SOME of theclosing costs, the part that was interest and real estate taxes, but even that would be a deduction, not something returned to you .

Depending on what other itemized deductions you have, you might save a couple hundred dollars on taxes by claiming the eligible portion of your closing costs, or it might not save you anything.

Answer 2

You don't get closing costs back. You deduct them and don't pay the tax on that amount of money. The tax is between 10% and 35% of the deduction depending on the total income.

Answer 3

No. Some of your closing costs are deductible, such as points paid to get a mortgage. Taxes paid on the purchase are deductible. But lawyers fees, credit reports, application fees, mortgage insurance are not deductible.
You would have to have your taxes done to see if you get a refund or if you owe taxes.

Answer 4

yes, but you have to itemize... go to h&r block... they will show you several ways (legal) how to get back the most $$$ since you just bought the house, you need a reputable tax specialist, because the interest you pay each year on the house is also deductable.

Answer 5

No last expenses are no longer deductible, yet part of them are. factors are deductible. factors are prepaid interest you pay up front, at last to get a decrease interest fee over the existence of the non-public loan. you utilize to have the potential to deduct the comprehensive volume of things whilst paid (at last). besides the undeniable fact that, now you'll be able to desire to deduct them over the existence of the non-public loan. case in point, in case you paid $3,000 in factors at last and you have a 30 300 and sixty 5 days loan, can get deduct $a hundred according to 300 and sixty 5 days for 30 years as interest on you federal tax return. you additionally can deduct any property taxes, if any, you paid at last. yet different last expenses like criminal expenses are no longer deductible.

Answer 6

No, you can't - your tax preparer is right.

You may have a tax benefit though, check back with a reliable tax advisor for your circumstances

Answer 7

No.... but ask your accountant anyway, because the only way you can do that is if your running you business out of your home; and you still wont get all your money back.