Closing costs that are not deductible include on your current tax return, (Often called Abstract and Recording Costs)
- Tax stamps,
- Attorney fees,
- Title insurance,
- Title search and
- Document preparation fees.
- However, those costs can be included in your cost basis when selling your home.
Only a few items can be deducted on your current taxes. The IRS denotes the following as deductible costs:
- Sales tax issued at closing
- Real estate taxes charged to you when you closed
- Mortgage interest paid when cost was settled
- Real estate taxes that were paid for by the mortgage lender
- The interest you paid at the house’s purchase
- Loan origination fees (a.k.a. “points”). These would be written as a percentage of the borrowed money.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
