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Deducting Closing Costs on my Taxes

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Anonymous
Not applicable

Deducting Closing Costs on my Taxes

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 : )

Message 1 of 4
3 REPLIES 3
demi
Established Contributor

Re: Deducting Closing Costs on my Taxes

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.

 


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Message 2 of 4
Anonymous
Not applicable

Re: Deducting Closing Costs on my Taxes

I am doing the same-

 

We paid ours out of saving.

Message 3 of 4
LisaJ
Frequent Contributor

Re: Deducting Closing Costs on my Taxes

TurboTax will walk you though it.  I was able to do this easily using TT and my form from the bank.
WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

Message 4 of 4
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