Hello,
Congratulations on the purchase of your house!
I am assuming that your new house will be used for personal purposes and not as a rental property...
The following can be deducted by the buyer:
1. Line 801- 803, Loan origination fee - it is deductible by buyer even if paid by seller. If
you have the NEW HUD-1 form, and there's an amount on line 803, then you will
not include the amounts on line 801 and 802. This is because line 803 is the
sum of line 801 minus line 802.
2. Real estate taxes listed on lines 100-600: (county, city/town) are deductible beginning on the date of sale. Line 1004 taxes reflects the amounts collected in escrow by lender; the taxes will be deductible when paid from escrow.
3. Line 901 - interest;
Other
expenses, such as title fees, real estate commissions, documentary stamps,
credit report costs, costs of an abstract, transfer taxes, home inspection,
flood certificate, attorney fees, etc. are not deductible, but are added to the
cost of the property.
Good luck!
I hope you have found this information helpful.
