Mortgage closing costs are the fees associated with securing a mortgage when you buy or refinance a property. Your total closing costs depend on the home’s purchase price, your loan type, and your lender. 

What are some examples of closing costs?

Closing costs are divided between you and the seller. As the buyer, your portion of the costs may include:

You can find your mortgage closing costs in the loan estimate and the closing disclosure.

Which closing costs are deductible?

For your primary or secondary home, the only deductible closing costs are home mortgage interest and certain real estate taxes. These deductible costs generally include:

Note: Other costs are deductible when refinancing your rental property.

Which fees and costs can I add to the basis of my property?

You can add other settlement fees or closing costs to the basis of your property. This way you’ll get credit for those costs when you sell the home. These base adjustments include:

To deduct your mortgage closing costs in TurboTax,under Deductions & Credits of your federal return, select Start next to Mortgage Interest and Refinancing (Form 1098). If you have multiple 1098 forms due to refinancing, ensure they’re first entered correctly.