Closing costs - tax deduction?

nycefarm_gwMarch 18, 2004

Are closing costs tax deductible?

Val

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manyhosta

Buyer-paid points usually are deductible in the year they are paid for an original mortgage. A plain-English discussion from TurboTax is here:
Deducting Points from TurboTax

Below is a link to an IRS fact sheet on this subject.

Here is a link that might be useful: IRS Fact Sheet

    Bookmark   March 18, 2004 at 4:36PM
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trekaren

Refi's are a little different. My accountant explained that on a refi, they are deductible but are split over the length of the loan. So if you refi'd to a 15 year loan you'd get to deduct 1/15th of them.

    Bookmark   March 19, 2004 at 11:09AM
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