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Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.
Attorney fees in connection with obtaining property
Commissions
State stamp taxes and transfer taxes
Tax service fees
Title policy fees or title insurance
Miscellaneous abstracts of title, surveys, recording of deed
Appraisal Fee
For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.
On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.
To enter the above:
1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing
2. Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)
3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes
4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance
Closing costs, including the below are not tax deductible but may increase the cost basis of your home which may benefit you in the event of sale.
Attorney fees in connection with obtaining property
Commissions
State stamp taxes and transfer taxes
Tax service fees
Title policy fees or title insurance
Miscellaneous abstracts of title, surveys, recording of deed
Appraisal Fee
For a new loan or refinance, mortgage interest paid (including origination fee or "points"), real estate taxes, and private mortgage insurance (subject to limits) are deductible.
On a refinance, you may need to amortize an origination fee (if paid) over the life of the loan. TurboTax will walk you through this process.
To enter the above:
1. Mortgage interest paid: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing
2. Points: Federal Taxes>Deductions &Credits> Your Home, select Mortgage Interest and Refinancing (be sure to select an option that applies to you on the Tell Us More about Your Loan screen)
3. Real Estate Taxes: Federal Taxes>Deductions &Credits> Your Home>Property Taxes
4. Mortgage Insurance: Federal Taxes>Deductions &Credits> Your Home> Mortgage Insurance
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