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are closing costs paid on a home mortgage tax deductible???

bg0427 · Posted: Sun Feb 07, 2010 10:18 pm Post subject:

Yes. You need to take a copy of your HUD to your tax preparer. Not everypart the closing costs are tax deductible.

jenkin7 · Posted: Sun Feb 07, 2010 10:25 pm Post subject:

Hi babyqueen,

Closing costs involve a lot of things like appraisal costs, mortgage insurance, title insurance, lender's fees, etc. Only a part of the closing costs can be deducted from your taxes. If you pay any discount points upfront, you can deduct the pre-paid mortgage interest on your taxes. Apart from the discount points, home mortgage interest and certain real estate taxes are also tax-deductible.

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