Deductions & credits

@imaroadrunner

Yes, you can. Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.

• Attorney fees in connection with obtaining property

• Commissions

• State stamp taxes and transfer taxes

• Tax service fees

• Title policy fees or title insurance

• Miscellaneous abstracts of title, surveys, recording of deed

• Appraisal Fee

However, you can deduct the following:

For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.

 Enter the above expenses in the following areas:

1.   Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest, Refinancing, and Insurance

2.   Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- (

3.   Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4.   Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Interest, Refinancing, and Insurance

Some of the above expenses may be on your HUD-1 settlement statement.

Source: Marketstar