Also, We bought a house in 2015, and put a sizable deposit on it, is any or all of the deposit deductible. To be more specific, we put down earnest money of $70K down,

[deellington]

is any of this deductible in 2016?

[xmasbaby0 · Accepted solution]

No, your down payment is not deductible.

Your closing costs on your home are not deductible.  Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2016.  You should have a 1098 from your mortgage lender that shows this information

[jerry2000]

The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

[Opus 17]

Any deductible closing costs would have to be declared for the year of the closing. (2015)