I purchased a second home in 2016 and need to report closing costs

jmoore1 — Thu, 06 Jun 2019 01:11:23 GMT

For a new loan or refinance, mortgage interest paid (incl...

Marketstar — Thu, 06 Jun 2019 01:11:24 GMT

For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.

Enter the above expenses in the following areas:

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

2. Points (or Loan Origination Fee): Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing, and Insurance- (See Did you pay points in 2016 when you took out the loan?) page

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

4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Interest, Refinancing, and Insurance

Some of the above expenses may be designated on your HUD-1 settlement statement.

See What Information Do I Need From My HUD Statement

Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.

Attorney fees in connection with obtaining property
Commissions
State stamp taxes and transfer taxes
Tax service fees
Title policy fees or title insurance
Miscellaneous abstracts of title, surveys, recording of deed
Appraisal Fee

topic I purchased a second home in 2016 and need to report closing costs in Deductions & credits

I purchased a second home in 2016 and need to report closing costs

For a new loan or refinance, mortgage interest paid (incl...