Is the payment of closing equity line of credit deductible? If yes, where do I go to enter the expenses of closing?

[Marketstar · Accepted solution]

Closing costs including the following are generally not deductible on a loan:

·         Attorney fees in connection with obtaining property

·         Real estate 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 Costs

However, closing cost add to the cost basis of your property which may benefit you in the event of sale of your home.

You can deduct mortgage interest, points or origination fee, and property tax paid at closing