How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience:  Principal at Jason M. Tyra, CPA, PLLC
92489302
Type Your Tax Question Here...
Jason M. Tyra, CPA is online now
A new question is answered every 9 seconds

What, if any, of home purchase closing costs are tax exempt

Customer Question

What, if any, of home purchase closing costs are tax exempt of Federal taxes?
Submitted: 9 months ago.
Category: Tax
Expert:  Jason M. Tyra, CPA replied 9 months ago.

Hi Harold:

If you are the buyer, almost all of your closing costs would be capitalized with the associated property and then deducted at the time of sale as part of your adjusted basis. The exception to this would be "points" paid on the note, which may qualify to be deducted at the time of closing under certain circumstances.

Related Tax Questions