Deductions & credits

 If you look at your closing statement, you will see a small amount of mortgage interest that covers you from the closing date to the end of the month. You will also see a property tax credit to the seller that will cover property taxes that the seller paid earlier in the year that are now applied to the days when you are on the home. Both of these amounts are tax-deductible, and probably won't be reported on form 1098 this year.

 If you paid mortgage discount points in me to the other requirements that TurboTax will ask you about, you can deduct the points. However, many bank or education fees do not qualify as points. Points must be a percentage of the mortgage amount and must not be allocated for any specific Bank service, such as inspections, attorney fees, or other specific fees. 

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