The
only closing costs that may be deductible as a buyer of a house (if you
are itemizing your deductions) would be amounts you paid at closing for any
county or city taxes (additional property taxes), loan origination fees or loan
discounts and prorated mortgage interest (if not included on your Form 1098
from your mortgage lender).
For additional property taxes at closing, just combined with all property taxes on your primary residence and input as Property Taxes in TurboTax
Online or Desktop (for TurboTax Online sign-in, click Here) using the 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
For additional mortgage interest/points, you will want to add a lender (using the same information for your lender on your 1098) and report your mortgage interest in TurboTax
Online or Desktop using the following 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.
