if I buy a house can I deduct anything from my income tax other than points?

Question

I know I can deduct interest and points but what about other closing fees, etc

Answer 1

You already know that Mortgage Interest and Points are deductible, the only other thing that could be deducted would be Property or Real Estate Taxes.

Publication 530
http://www.irs.gov/publications/p530/index.html
Publication 936
http://www.irs.gov/publications/p936/index.html

Answer 2

Nothing else except your pro-rata share of the year's real estate taxes that you PAID. If only billed and not yet paid, you deduct them in the year you actually paid them. It is common for the closing company to apportion the taxes for the year in the year you purchase the house between the seller and the buyer. Usually the closing statement will have a column for "buyer pays" and another for "seller pays". If the taxes are in the seller's column, then you have no deduction that year.

Keep in mind this all goes on Schedule A, Itemized Deductions. Everyone is entitled to a Standard Deduction whether they own a house or not. You must choose one or the other, not both. For 2006, Married Filing Jointly, the Standard Deduction is $10,300. If all you have to Itemize on Schedule A is just the mortgage interest and taxes, depending on the price of the home, you may be better off forgetting about the home deductions and taking the Standard one as you have done before buying a house. In other words, say your mortgage interest is $3,000 and your taxes are $2,000 = $5,000. In this case you are much better off to choose the Standard at $10,300 than the itemized deduction of only $5,000. On the other hand, if your mortgage interest is say, $9,000 and your taxes are $4,000 = $13,000, you are better off to take the itemized deductions of $13K instead of $10,300.

Answer 3

Only points can be deducted on your return. Adjustments for property taxes MIGHT be deductible or may be recapture items, it depends upon how they're characterized.

The other closing costs must be added to your cost basis. They will reduce your gain when you eventually sell.

Answer 4

Mortgage Interest paid.
The only time closing fees, major improvements and stuff like that count is when you go to sell, and you have a gain, the initial and improvement costs can go against the gain.

good luck & bless

& What Rob said!

Answer 5

You need to go to the Home owner's guide at IRS.gov

When you buy a house you get
closing cost
interest
loan origination
points
apprecation
deprecation

there is a few more, but you need to look at that guide it will give a list!