Deductible items for your home purchase would be; interest, property taxes, mortgage insurance premiums and points. Deduct in the Your Home section under Deductions & Credits.Items on closing disclosure form that maybe deductible: interim interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment). real estate taxes charged to you. points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home. private mortgage insurance but, if prepaid, only the amount allocable to this year based on an 84-month amortization. Other fees, such as commissions, attorney fees,preparation of deed, abstract fees, owner title insurance, recording feesare added to the basis of your home, and not deductible. https://www.irs.gov/pub/irs-pdf/p936.pdf

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nelleasrep

Level 1

Solved

Home interest deductions; first time buyer.

Forum|Forum|7 years ago
June 6, 2019
1 reply
26 views

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TurboTax Deluxe Online

Best answer by PaulaM

Deductible items for your home purchase would be; interest, property taxes, mortgage insurance premiums and points. Deduct in the Your Home section under Deductions & Credits.

Items on closing disclosure form that may be deductible:

interim interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment).
real estate taxes charged to you.
points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home.
private mortgage insurance but, if prepaid, only the amount allocable to this year based on an 84-month amortization.

Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home, and not deductible.

https://www.irs.gov/pub/irs-pdf/p936.pdf

PaulaM

Answer

Alumni - Expert

Deductible items for your home purchase would be; interest, property taxes, mortgage insurance premiums and points. Deduct in the Your Home section under Deductions & Credits.

Items on closing disclosure form that may be deductible:

interim interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment).
real estate taxes charged to you.
points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home.
private mortgage insurance but, if prepaid, only the amount allocable to this year based on an 84-month amortization.

Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home, and not deductible.

https://www.irs.gov/pub/irs-pdf/p936.pdf

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