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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

I had a question for forum. How much of one's closing cost can one claim as far as income tax refund?

jameshogg · Posted: Fri May 22, 2009 11:33 pm Post subject:

Hi sunil,

You'll have to itemize your property taxes, prepaid mortgage interest and points if you want to deduct them. You'll have to list the points and the interest on the Form 1098. It must be noted that any prepaid amount for homeowners insurance or property taxes will have no tax consequences. Other costs like attorney's fees, title insurance, etc. are added to your cost basis and will reduce your gain when you sell off the property.

Thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Sunil can you share what was involved in your closing cost and itemize it.

Normally lender will give you a document explaing details of each after your loan is closed.

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