There may be some closing costs that could be deducted. Since they are an itemized deduction, you would need enough other itemized deductions to total more than the standard deduction to get a tax break.
Most expenses at closing on the purchase or refinance of a home are added to the cost of a home and are not deductible but are added to the cost basis of the home. There are a few exceptions - the following would be deductible:
1. Interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment.) This is sometimes included in the 1098 from the new lender.
2. Real estate taxes charged to you and not reimbursed by seller
3. Points or origination fees. On a refinance they need to be amortized over the life of the loan unless the points were used to improve your main home.
4. Private mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization.
Title fees, real estate commissions, documentary stamps, credit report costs, costs of an abstract, transfer taxes, attorney fees, etc. are not deductible, but are added to the cost of the property.
