Sorry, but those aren't deductible.Mostexpenses at closing on the purchase or refinance of a home, second home,vacation home, timeshare, etc. are added to the cost of a new home. There are afew exceptions - the following would be deductible: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 (sometimes called origination fees and expressed as a percentage of the amount borrowed.) On a refinance they need to be amortized over the life of the loan or 84 months, whichever is less, unless the points were used to improve your main home, andprivate mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization.Titlefees, real estate commissions, appraisal costs, home inspections, documentarystamps, credit report costs, costs of an abstract, transfer taxes, floodcertificate, attorney fees, etc. are not deductible, but are added to the costof the property.

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mikecho110

Level 1

Solved

Can i deduct transfer taxes which I paid for the purchase of my home in NYC?

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

No text available

Best answer by bwa

Sorry, but those aren't deductible.

Most expenses at closing on the purchase or refinance of a home, second home, vacation home, timeshare, etc. are added to the cost of a new home. There are a few exceptions - the following would be deductible:

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 (sometimes called origination fees and expressed as a percentage of the amount borrowed.) On a refinance they need to be amortized over the life of the loan or 84 months, whichever is less, unless the points were used to improve your main home, and
private mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization.

Title fees, real estate commissions, appraisal costs, home inspections, documentary stamps, credit report costs, costs of an abstract, transfer taxes, flood certificate, attorney fees, etc. are not deductible, but are added to the cost of the property.

bwa

Answer

Alumni - Champ

Sorry, but those aren't deductible.

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 (sometimes called origination fees and expressed as a percentage of the amount borrowed.) On a refinance they need to be amortized over the life of the loan or 84 months, whichever is less, unless the points were used to improve your main home, and
private mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization.