I need to know if 1 point paid to my lender and the closing cost on the house purchased is tax deductible?

Question

For a new home owner, what are tax deductible, besides 1 point and closing cost.........how about downpayment,

how about the fees paid for the inspection of the house, lock changed

Answer 1

No downpayments are not deductible on the Schedule A

The only thing that might be deductible if you are Itemizing rather than taking the Standard Deduction is
\
Points/Loan Origination Fees
PrePaid Mortgage Interest
Prepaid Real Estate Taxes

See Publication 936 and 530 for more Information
http://www.irs.gov/publications/p530/index.html
http://www.irs.gov/publications/p936/index.html


Update

Inspection Fees are not deductible nor is the lock change

Answer 2

Mortgage interest, points paid, and real estate taxes paid can be deducted on Schedule A of Form 1040.

Closing costs and down payments are not deductible. They are included in the cost basis.

Answer 3

Points and interest are tax deductible. Down payment is not.

Answer 4

point yes closing costs and downpayment no.