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Deductions & credits
Yes, the buyer uses these expenses they are liable for.
- Points: The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. The funds you provided aren't required to have been applied to the points. They can include a down payment, an escrow deposit, earnest money, and other funds you paid at or before closing for any purpose. You can't have borrowed these funds.
- Property Taxes: You are allowed to deduct the property taxes for the portion of the year you owned the home. You can also deduct any property taxes you paid after that date either from your own personal funds or any amount paid through your escrow account.
- As noted this information is from IRS Publication 530
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‎April 16, 2024
8:04 AM
6,610 Views