2007-12-27 11:35:27 · 6 answers · asked by stepsonofsam 1 in Business & Finance ➔ Taxes ➔ United States
YES
2007-12-27 11:38:52 · answer #1 · answered by stinab 4 · 0⤊ 2⤋
You can't claim all of your closing costs on your tax return, whether you rolled them into your mortgage or paid them outright. In either case the same rules apply - you can deduct mortgage interest and real estate taxes. On a new mortgage, you can also deduct any points as interest.
2007-12-27 13:41:44 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes you can claim the ones that you could claim if you did not roll them in. In effect, you paid those closing costs with borrowed money. But not all closing costs are deductible. Some of them become part of the cost of the house. Interest and property taxes are deductible. Title insurance and legal fees are not.
2007-12-27 11:48:22 · answer #3 · answered by Anonymous · 2⤊ 0⤋
No, maximum of those final costs are no longer deductible. in case you paid any factors you will would desire to unfold them out over the existence of the non-public loan, i.e. in case you have a 30 300 and sixty 5 days very own loan you are able to take a million/30 of the standards each 300 and sixty 5 days and upload them to the pastime which you deduct. Your preparer will in simple terms choose the final assertion to parent the deductible element of any factors paid.
2016-11-25 20:56:57 · answer #4 · answered by ? 4 · 0⤊ 0⤋
The only part of closing costs that you can exempt from taxes is your points and any prepaid interest or property taxes. The other costs are not deductible.
2007-12-27 11:39:03 · answer #5 · answered by bkwrm006 2 · 2⤊ 0⤋
Sure...but most closing costs are not deductible either way.
Deductible:
Points
Interest
Property Tax
Not Deductible:
Everything else!
2007-12-27 12:52:50 · answer #6 · answered by Wayne Z 7 · 0⤊ 0⤋