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What closing costs are deductible

Resolved Question:

We bought a new home in 2007 (primary residence, not first home). In New York City, you pay a mortgage tax on the amount of the mortgage obtained for a home purchase. Is this deductible? If so, where is it claimed?
Submitted: 9 years ago.
Category: Tax
Expert:  WebTaxMan replied 9 years ago.

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.

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