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Deductions & credits
The deductions that may be available to you are interest, property taxes and points. Depending when you purchased your home, you may receive a 1098 for interest paid (commencing with your 1st payment). It may or may not have the property taxes listed on the form.
Other Items on closing disclosure form that may be deductible:
- interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment).
- real estate taxes charged to you.
- points - On a refinance they need to be amortized over the life of the loan; unless the points were used to improve your main home.
Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home, and not deductible.
https://www.irs.gov/pub/irs-pdf/p936.pdf
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‎June 4, 2019
3:34 PM