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Tax Year Prior to 2020: What deductions are allowed for closing costs in the purchase of a home

 
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Tax Year Prior to 2020: What deductions are allowed for closing costs in the purchase of a home

Most "closing costs" are not deductible.  However, you can deduct any interest or property taxes from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  Only the pro-rated amounts from the date of closing can be included.

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

It goes in the same areas as normal mortgage interest and real estate taxes. 

Where do I enter my 1098 mortgage interest statement?

https://ttlc.intuit.com/replies/4793767

 

Here's an alternate method to get there:

  • Federal Taxes tab (Personal in the Home and Business Version
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)



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