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Where do you deduct closing costs for new home purchases?

tjwoods69
Level 2
 
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3 Comments 3
sjrcpa
Level 15

Mostly they are not deductible.


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BobKamman
Level 15

There should be a place under mortgage interest to deduct points, if paid by either buyer or seller.  I don't use ProConnect, so I'm not sure.  In many locations the buyer gets a credit for property taxes pro-rated to the seller up until closing date, so be sure to subtract that from any taxes paid by the buyer.  

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qbteachmt
Level 15

Did you read what the IRS and other web resources tells us? I googled:

what is deductible on home purchase

and you get many results, including:

https://www.irs.gov/newsroom/know-whats-deductible-after-buying-that-first-home-sweet-home

https://www.rocketmortgage.com/learn/tax-deductions-for-homeowners

https://www.investopedia.com/articles/personal-finance/051915/what-are-tax-advantages-when-buying-ho...

https://www.forbes.com/advisor/mortgages/types-of-tax-deductible-closing-costs/

It's pretty amazing what you find on the web.

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