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Closing Costs and Moving Expenses tax deductible
Most expenses at closing on the purchase or refinance of a home are added on to the cost of you home and not are tax deductible. Only the following would be deductible:
1. Interest paid at the time of purchase ( the charge at closing up to the first payment date).
2. Real Estate taxes charged to you and not reimbursed by seller.
3. Points or origination fees. On a refinance they need to be amortized over the life of the loan unless the points were used to improve your main home.
4. Private mortgage insurance costs but, if prepaid, only the amount allocable to this year based on an 84 month amortization
Title fees, real estate commission, transfer stamps, credit report costs, costs for an ab…
