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Deductions & credits
@macquelm Since virtually none of these closing costs are deductible (except for business property), you could leave all these fields blank (don't enter $0), except for :
- Mortgage interest (including points)
- Property (real estate) tax
- Mortgage insurance (PMI or MIP)
Add up the costs you can't deduct and add that amount to the 'Basis' of your home, in the event you later convert it to Rental Property or sell it for more than the Exclusion Amount.
Click this link for more info on Purchase of a Home.
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‎February 12, 2021
12:30 PM