Can I deduct closing cost for buying a home in 2016?

cdcurran51 — Sat, 01 Jun 2019 06:35:41 GMT

down payment money etc

You cannot deduct down payment, the money paid is not a d...

MargaretL — Sat, 01 Jun 2019 06:35:42 GMT

You cannot deduct down payment, the money paid is not a deduction; it simply reduced the cost of your home.

You can deduct:

1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing

2. Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)

3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance

You cannot deduct: settlement fees such as appraisal fees, attorney fees, inspection costs, legal costs, recording costs, stamps.

Please refer to Buying Your First Home link for details.

topic Can I deduct closing cost for buying a home in 2016? in Deductions & credits

Can I deduct closing cost for buying a home in 2016?

You cannot deduct down payment, the money paid is not a d...