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We own a home in which we have 100% equity purchased in

Customer Question
We own a home...

We own a home in which we have 100% equity purchased in 2016. In 2017 we got a mortgage using the home we own. We were given a mortgage interest statement ( 1098). We would like to k now if closing costs (& which ones) are deductible if any. Thank you

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No, not that I can think of

Submitted: 4 months ago.Category: Tax
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Customer reply replied 4 months ago
FYI, it is our primary home.
Answered in 15 minutes by:
3/17/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,110
Experience: Taxes, Immigration, Labor Relations
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Closing costs are generally NOT deductible.

However - some items included into HUD1 may be deducted in the year paid.

Specifically

- prorated real estate taxes - from the day of purchase till the end of the year

- mortgage interest - but that amount might be already included into 1098 - if so - no double deduction.

Points may be deductible as mortgage interest - these are also reported on 1098.

All other closing costs you paid are added to the basis of your property and will reduce the gain when the property eventually will be sold.

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Customer reply replied 4 months ago
thank you
Tax Professional: Lev, Tax Advisor replied 4 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues
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