Where do I input my closing disclosure?

[tenillemiller199]

I have put in my 1098 . Now where do I put in my closing disclosure?

[Cynthiad66]

You do not enter the closing disclosure on the tax return.  There are some closing cost that might be deductible on your taxes but the Closing disclosure is for your records.

You should have received a Form 1098 for the amount of deductible Mortgage interest you received.

Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees.  There are no deductions for appraisal, inspections, settlement fees. etc.

Your down payment is not deductible.

Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.

Home improvements, repairs, maintenance, etc. for your own home are not deductible.  

A Closing Disclosure is a document that outlines the final terms and expenses of a mortgage, including the loan amount, interest rate, estimated monthly mortgage payments and closing costs. Lenders are required to provide home buyers with their Closing Disclosure at least 3 business days before their loan closes.

[JohnB5677]

The closing disclosure has a lot of information, but not all of it can be deducted from the tax return now.

Items on the closing disclosure form that may be deductible:

• Interim interest paid at the time of purchase (the charge at closing would normally be done for interest up to the date of first payment). 
• Real estate taxes charged to you. 
• Points - On a refinance,84-month they need to be amortized over the life of the loan; unless the points were used to improve your main home.
• Private mortgage insurance but, if prepaid, only the amount allocable to this year based on an 84 month amortization. 

Other fees, such as commissions, attorney fees, preparation of deed, abstract fees, owner title insurance, recording fees are added to the basis of your home and are not deductible.

https://www.irs.gov/pub/irs-pdf/p936.pdf

[ColeenD3]

From Pub 530, these items are added to the basis of the property:

Items added to basis.

 You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home. The following are some of the settlement fees and closing costs that you can include in the original basis of your home.

Abstract fees (abstract of title fees).

Charges for installing utility services.

Legal fees (including fees for the title search and preparation of the sales contract and deed).

Recording fees.

Surveys.

Transfer or stamp taxes.

Owner's title insurance.

Any amount the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, the cost for improvements or repairs, and sales commissions. If the seller actually paid for any item for which you are liable and for which you can take a deduction (such as your share of the real estate taxes for the year of sale), you must reduce your basis by that amount unless you are charged for it in the settlement.