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The only thing that would count on the present tax return are amounts you paid for Mortgage Interest, Points, Property Taxes and PMI. There are several items that can be added to the basis of your home and may help when you sell. The Publication below will go into greater detail about the what qualifies as a deduction on the items above.
This is from IRS Pub 530:
Items added to basis.
You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home. The following are some of the settlement fees and closing costs that you can include in the original basis of your home. Abstract fees (abstract of title fees). Charges for installing utility services. Legal fees (including fees for the title search and preparation of the sales contract and deed). Recording fees. Surveys. Transfer or stamp taxes. Owner's title insurance. Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions. If the seller actually paid for any item for which you are liable and for which you can take a deduction (such as your share of the real estate taxes for the year of sale), you must reduce your basis by that amount unless you are charged for it in the settlement.
The only thing that would count on the present tax return are amounts you paid for Mortgage Interest, Points, Property Taxes and PMI. There are several items that can be added to the basis of your home and may help when you sell. The Publication below will go into greater detail about the what qualifies as a deduction on the items above.
This is from IRS Pub 530:
Items added to basis.
You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home. The following are some of the settlement fees and closing costs that you can include in the original basis of your home. Abstract fees (abstract of title fees). Charges for installing utility services. Legal fees (including fees for the title search and preparation of the sales contract and deed). Recording fees. Surveys. Transfer or stamp taxes. Owner's title insurance. Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, cost for improvements or repairs, and sales commissions. If the seller actually paid for any item for which you are liable and for which you can take a deduction (such as your share of the real estate taxes for the year of sale), you must reduce your basis by that amount unless you are charged for it in the settlement.
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