Can you write off home closing costs from your taxes???

Answer 1

Only the points paid are deductible. These will be listed on the 1098 from the lender.

The non-prepaid closing costs can be used to adjust the cost basis of the home which will reduce your gain when you eventually sell.

Pre-paid property taxes and homeowner's insurance have no tax consequences, they are just deposits towards future expenses.

Answer 2

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RE:
Can you write off home closing costs from your taxes???

Answer 3

No. Closing costs are not currently deductible on your tax return. They are, however, included in your cost basis in the property that is used to determine the taxable gain, if any, on your home when you sell it. If you paid points through your closing costs, they would be deductible. Points paid on the initial purchase of your home would be fully deductible in the year it was paid. Points paid on a refinance would be deductible over the life of the loan.

Answer 4

Only the portion that is points (lowering your interest rate) and prepaid interest (usually allowing you to "skip" the first month's payment.) These amounts will be provided to you on a 1099 from your mortgage company. Other costs, like appraisal and title company fees, are not deductible.

Answer 5

Only any "points" you paid as part of closing the home loan. Regular closing costs (mortgage fees, realtor commisions, brokerage fees, inspections, appraisals, escrow fees, etc.) aren't tax deductible -- only interest paid on the loan (which points are, they're just up-front).

Answer 6

Depending on what state you live in, you might be able to. Every state has different things that they will allow to claim on your taxes. As far as federal goes....... Nope. Not a chance.

Answer 7

no