It doesn't matter how you purchase a home. The deductions that are available to you would be interest, real estate taxes, points and private mortgage insurance. You may have received a Form 1098 for the interest and points.
Otherwise, look to your closing
disclosure form for other possible deductions. Point are listed in the Loan
Cost section. Interest, real estate taxes and private mortgage insurance are
listed in the Prepaids section.
Items on closing
disclosure form that may be deductible:
-
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 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 not deductible.
https://www.irs.gov/pub/irs-pdf/p936.pdf
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Yes
No
