Closing costs, including the costs 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
Only closing costs listed on your HUD statement that are paid by you may be itemized on Schedule A Itemized Deductions. The most likely deduction other than mortgage interest would be any county or city property taxes. Report the deduction as follows:
- Down the left side of the screen, click on Federal.
- At the top of the screen click on Deductions & credits.
- Under Your tax breaks, scroll down to Your Home. Click Show more to the right.
- Click Start / Revisit to the right of Property (real estate) taxes.
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