Unfortunately, the IRS does not allow a deduction
for New York's Mortgage Recording Tax. The tax benefit you do get is that it is actually added to the basis of your home, so that if you should eventually sell the home, the gain will be reduced by the increased basis. Click here
to read more about the NY Mortgage tax.
If you need further information on what is actually deductible in your closing costs, please let me know. For example, one often overlooked deduction for the buyer is seller paid points.
Should you require further clarification, please never hesitate to ask. It would be my pleasure to clarify issues related to your question.
If you feel I have given a complete answer, and you are satisfied with my answer, please press the GREEN ACCEPT button. Feedback and bonuses are always greatly appreciated!
Just Answer! acts as a venue for entertainment purposes only. Responses and comments on Just Answer! are for general information and are not intended to substitute for informed professional advice (such as medical, legal, investment, accounting, or tax), and do not establish a professional-client relationship. As such, Just Answer! retains 100% of the price/deposit you set for your question, and will only distribute 50% to experts when a customer accepts an answer. Just Answer! is not intended or designed to address EMERGENCY QUESTIONS which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service. Any information given by me is not offered as, nor is it intended to be, considered legal advice in any way, shape, or form, and shall be treated as procedural information only. Per Cal. Bus. & Prof. Code § 6450 et. al., Paralegals or Legal Assistants cannot give legal advice. The information herein is not exhaustive. You should always seek legal counsel from a licensed attorney in your state.