New home purchase deductions such as fees other costs

[feluxs]

We purchased a home in 2015 and want to know if we can deduct and of the fees, title cost, inspection, etc?

[MargaretL · Accepted solution]

No, you cannot deduct closing costs such as title cost, legal fees, inspection fees for your residence. 

However, there are certain items that you can deduct on purchase of a home; all of them are located in the Deductions & Credits section, Your Home category:

1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing

 2. Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)

 3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes

 4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance

 Please refer to below link for details on Buying Your First Home:

https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Buying-Your-First-Home/INF12009.html