Purchasing a new home

there aren't too many deductible expenses related to a home purchase/ownership - mortgage interest, points, and possibly real estate taxes that you pay that relate to the period you owned the home.  

there's nothing you can do now.

When you close, you will pay daily interest from the closing date to the end of the month, shown on your closing statement.  This may not be included on your mortgage interest 1098 statement you get in January 2023, but you can add it to your deductible interest even if it is not included in your 1098.

You may also pay property tax as an adjustment on your closing statement. For example, if the buyer paid property taxes for Jan-Dec 2023 on Jan 15 and you close Feb 15, you will give the seller a credit for most of the year's taxes that they prepaid but go to the time you owned the home.  You can deduct those as if you paid them directly to the taxing authority even if they are not on your 1098.  On the other hand, suppose the seller's taxes are due Feb 15 and you pay them.  The seller will give you a credit for the days they owned the home, and you can only deduct the part allocated to the days you owned the home, even if the entire amount is on your 1098.

At this time, PMI or MIP is not deductible for 2022 or 2023. 

If you pay points to get a lower interest rate, they may be deductible in full in the year you buy the home, if you meet certain conditions.  There is more info here. https://www.irs.gov/forms-pubs/about-publication-936

If you pay more because the seller has solar on their home you don't get a tax credit, that's only for new installations.  

Most closing costs are not deductible but they are added to the cost of the home and may reduce your capital gains when you sell, if you keep track.  you can read more about that here https://www.irs.gov/forms-pubs/about-publication-523

When purchasing a home for personal use, be it your primary residence or 2nd home, there are only two deductions you can take on your federal tax return.

- Mortgage interest, to include any prepaid interest that is typically clearly itemized and identified as such on the closing statement.

- Property taxes paid to the local taxing authority or reimbursed by you, to the seller. This to will be clearly identified as such and itemized on the closing statement.

Any other expenses paid are not deductible at all, ever. Some expenses are added to the cost of house, while other expenses are just flat out not deductible at all.

For those expenses that add to the cost basis of the property, that will not come into play on any tax return unless one of three things happens in the future, after you close on the purchase of the house.

 - You sell the property.

 - You convert the property to a rental property, or some other type of business use.

 - You die.

So it's important that you retain a copy of "ALL" paperwork you receive at the closing, and keep it in your physical possession for as long as your own the property. If you have a Last Will & Testament, it's not a bad idea to keep a copy of that paperwork with it, as your heirs will find it very helpful should you pass while you own the property.