I bought a home in 2016 and I was told I needed my closing costs for my taxes. I am not finding anything that is prompting me to enter closing cost information.

caddy-tammy — Sat, 01 Jun 2019 03:11:23 GMT

Most expenses at closing on the purchase or refinance of...

bwa — Sat, 01 Jun 2019 03:11:24 GMT

Most expenses at closing on the purchase or refinance of a home, second home, vacation home, timeshare, etc. are not deducted but added to the cost of a new home. There are a few exceptions - the following would be deductible:

interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment.),
real estate taxes charged to you,
points (sometimes called origination fees and expressed as a percentage of the amount borrowed.) On a refinance they need to be amortized over the life of the loan or 84 months, whichever is less, unless the points were used to improve your main home, and
private mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization.

Not deductible are title fees, real estate commissions, appraisal costs, home inspections, documentary stamps, credit report costs, costs of an abstract, escrow fees, transfer taxes, flood certificate, attorney fees, etc. They are added to the cost of the property.

Mortgage interest, refinancing, property taxes and mortgage insurance are all under the Deductions and Credits tab for "Your Home."

topic I bought a home in 2016 and I was told I needed my closing costs for my taxes. I am not finding anything that is prompting me to enter closing cost information. in Deductions & credits

I bought a home in 2016 and I was told I needed my closing costs for my taxes. I am not finding anything that is prompting me to enter closing cost information.

Most expenses at closing on the purchase or refinance of...