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Deduct brokerage fees, appraisal fees and other closing costs on my taxes?
I purchased my home in Calif in 2006 and refinances in 2007 to lower the interest rate. Can I deduct the brokerage fee, appraisal fee, flood fee, document fee, escrow fee and transfer fees? I paid all of the fees and did not include them in the refinance of my home. If I can decuct any of these where do I deduct them on my Feberal Taxes.
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Negative.
The ONLY thing that can be deducted on the refinance is the points and loan origination fee (which is defined as an interest charge) on the original financing (but only if you did NOT claim those points on your 2006 tax return) and, on a pro-rated basis using the term of the refinanced mortgage, the points and loan origination fee of the refinance. Plus, you can claim PMI for the 2007 refinance. But THAT'S IT! These are claimed on Schedule A. |
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