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?

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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?

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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.