I bought a house in 2016. Closing cost were arnd 3,000. Is the only thing that I can take off is the interest, taxes and point I paid? Was hoping to recoup some of it.

[echasegarrison]

The point, taxes and little interest does not seem to be getting any refund

[Texas Roger · Accepted solution]

Deductions for home ownership expenses are itemized deductions. The total of all your itemized deductions must be more than the standard deduction for you to get a tax benefit. Did you receive a 1098 from your lender for mortgage interest and property taxes paid after the closing?

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.