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-   -   Initial down payment and closing costs (https://www.askmehelpdesk.com/showthread.php?t=185322)

  • Feb 18, 2008, 07:42 AM
    Shardul
    Initial down payment and closing costs
    Is there any deductible/tax relief one gets on the closing costs or the initial expenses or any other costs related to setting the home?
  • Feb 18, 2008, 10:12 AM
    ebaines
    Quote:

    Originally Posted by Shardul
    Is there any deductible/tax relief one gets on the closing costs or the initial expenses or any other costs related to setting the home?

    No - the only costs you can deduct are home mortgage interest, real estate taxes, and (possibly) mortgage insurance premiums. You can also deduct points you may have paid as part of a mortgage origination fee, but whether you can deduct them all in year 1 or have to amortize their cost over the life of the loan depends on several factors - see Pub 530 for details:
    http://www.irs.gov/pub/irs-pdf/p530.pdf

    All other closing costs and other initial expenses are your personal expenses and so are not deductible.

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