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2007-03-20 08:40:29 · 3 answers · asked by jim d 1 in Business & Finance Taxes United States

3 answers

Most of the fees you pay when closing on a house are not deductible.

Only points, interest and property taxes are deductible.

2007-03-20 08:47:24 · answer #1 · answered by Wayne Z 7 · 1 0

You cannot claim closing costs as a deduction or as a credit on your tax return.

However, you can claim closing costs as an adjustment to the basis of the property that you either bought or sold.

2007-03-20 15:56:22 · answer #2 · answered by bold4bs 4 · 0 2

If by closing costs, you are referring to a home sale, those are included in reducing any profit on the sale, thus reducing tax liability.

2007-03-20 15:47:52 · answer #3 · answered by ed 7 · 0 1

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