Closing Cost Deductions

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tax Preparation Tips and other Taxes topics.

Can I deduct anything from a house closing on my taxes?

Closing Cost Deductions

If you recently purchased a new home or piece of property, you can deduct the interest from your closing costs. However, origination fees and/or points paid on a refinancing must be amortized over the life of the loan, whereas if you purchased a home, they are deductible. No other closing costs are deductible. Did you know it is better to file a joint return even when your spouse's income is significantly less than yours?

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Taxes Tip Site? Request a Tip Now!


Guru Spotlight
Candi Wingate