The only settlement or closing costs you can deduct on your tax return for the year the home was purchased or built are Mortgage Interest and certain real estate (property) taxes. These can be deducted in the year you buy your home if you itemize your deductions.
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Mortgage interest is required on a new loan for the remainder of the month in which the loan funds, the total of which is tax-deductible. A borrower whose transaction closes on January 15 must pay.
Just keep in mind that when it comes time to file your taxes, you won’t be able to deduct your closing costs if you take the standard deduction. If you want to write off your closing costs, you will need to itemize your deductions. Of course, you need to know which mortgage closing costs are tax deductible and which aren’t.
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Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.
Certain other settlement or mortgage closing costs aren’t deductible right away, but rather are added to the "basis" value of your home and may provide some tax offset should you sell your home. "Basis" is the value of your home for the purposes of calculating future capital gains taxes.
Refinancing closing costs tax-deductible expenditures are parallel to most of the other types of closing costs of loans. In addition to the normal deductions, you may also avail some very good amounts of property tax deductions as a refinanced property is apprised by tax assessor.
Closing Costs The one-time home purchase costs that are tax deductible as closing costs are real estate taxes charged to you when you closed, mortgage interest paid when you settled, and some loan origination fees (a.k.a. points) applicable to a mortgage of $750,000 or less.
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