You'll need to sign in or create an account to connect with an expert.
The following home loan expenses are deductible:
· Daily mortgage interest from the day you closed to the end of the month. You will see this on your closing document, but it may not be included on your 1098 mortgage statement.
· Real estate taxes charged to you
· Points (sometimes called origination fees and expressed as a percentage of the loan
ampont.
· Mortgage insurance, if paid
Non-Deductible closing Costs
· 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
The following home loan expenses are deductible:
· Daily mortgage interest from the day you closed to the end of the month. You will see this on your closing document, but it may not be included on your 1098 mortgage statement.
· Real estate taxes charged to you
· Points (sometimes called origination fees and expressed as a percentage of the loan
ampont.
· Mortgage insurance, if paid
Non-Deductible closing Costs
· 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
You may be able to deduct moving expenses if your move was work related and you meet the following the following two tests:
The distance test - Your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.
The time test - If you're an employee, you must work full-time for at least 39 weeks during the first 12 months immediately following your arrival in the general area of your new job location. If you're self-employed, you must work full-time for at least 39 weeks during the first 12 months and for a total of at least 78 weeks during the first 24 months immediately following your arrival in the general area of your new work location
See IRS Moving Expense Deductions
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Andy_W
Level 1
sherryburke1206
New Member
4896tree99
New Member
Tax1997
New Member
Njpl
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.