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r9815
New Member

What on my closing statement from home buying is deductible? the mortgage insurance amount does not have a place to be listed.. this is the amount paid at closing.

what about processing fees and title fees?
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1 Reply
LindaA
Expert Alumni

What on my closing statement from home buying is deductible? the mortgage insurance amount does not have a place to be listed.. this is the amount paid at closing.

Most settlement costs on your closing or settlement statement, including title fees, are not deductible but instead are added to the cost basis of your home. However, if you itemize deductions, you may be able to deduct mortgage interest, points, mortgage insurance premiums, and real estate taxes (property taxes). For more information, please see Tax Breaks and Home Ownership.

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