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Hello, I am doing my taxes this evening, and I know that I can deduct some of my closing costs from the purchase of my first home.... My closing costs were roughly $ 2500.00-- how much can I deduct? It does not go dollar for dollar does it?
If anyone can please advise- I'd appreciate it : )
My understanding is its how you paid it. If it was included in the loan, you would have to spread it out. Mine shows it paid as part of my deposit, all in one year...so my understanding from reading the tax code is I can deduct it all this year. But, I am having my taxes done by a professional just in case.
I am doing the same-
We paid ours out of saving.