I bought my first home January 2016. Can I deduct some closing statement costs such as: title recording fee, mortgage recording fee, deed recording fee, wire processing?

mwilsonrdh — Sat, 01 Jun 2019 04:57:37 GMT

Underwriting fee, settlement agent fee, appraisals?

Closing costs are not deductible. You should keep record...

NewGuy — Sat, 01 Jun 2019 04:57:39 GMT

Closing costs are not deductible. You should keep record of them since they can be used to adjust your cost basis when you sell the home to minimize potential capital gains.

https://www.irs.gov/publications/p530/ar02.html#en_US_2016_publink100011939

Settlement or closing costs. If you bought your home, you probably paid settlement or closing costs in addition to the contract price. These costs are divided between you and the seller according to the sales contract, local custom, or understanding of the parties. If you built your home, you probably paid these costs when you bought the land or settled on your mortgage.

The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home.

topic I bought my first home January 2016. Can I deduct some closing statement costs such as: title recording fee, mortgage recording fee, deed recording fee, wire processing? in Deductions & credits

I bought my first home January 2016. Can I deduct some closing statement costs such as: title recording fee, mortgage recording fee, deed recording fee, wire processing?

Closing costs are not deductible. You should keep record...