Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 5:42:57 PM

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?

0 1 3109
1 Replies
Expert Alumni
Jun 4, 2019 5:42:58 PM

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.