It depends.
When you buy or sell a home, you will only be able to claim a deduction for a limited amount of the closing costs. (Most other non-deductible closing costs will be add to the basis on the property purchase/sold.)
The only closing costs listed on your HUD statement that may be deductible if paid by you and if you are itemizing your deductions would be amounts you paid at closing for any county or city taxes (additional property taxes) (lines 106. 107), loan origination fees or loan discounts (lines 801,802) and prorated mortgage interest (line 901) (if not included on your Form 1098 from your mortgage lender).
To enter your Property Taxes in TurboTax
Online or Desktop (for TurboTax Online sign-in, click Here), please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
Credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- Choose "show more",
then Property Taxes and follow the onscreen instructions
To enter your Mortgage Interest and points in TurboTax
Online or Desktop, please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
Credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- Choose "show more",
then Mortgage Interest, Refinancing and Insurance and follow the onscreen
instructions. You will need to enter the Mortgage lender's name and
interest expense.
