Can closing cost be claim in your income tax ?

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4 Comments
  1. Reply
    Allen L
    August 23, 2011 at 8:58 am

    no

  2. Reply
    CJ
    August 23, 2011 at 8:59 am

    I thought you could write off some of that if it’s business related.

  3. Reply
    Country Boy
    August 23, 2011 at 9:52 am

    Allen L is incorrect.

    Some of the closing costs can be deducted if you itemize (Schedule A). For example, included in the closing is real estate tax and points (points being a percentage of the loan). For more info., refer to Publication 936, Home Mortgage Interest Deduction – see link below. Typically, effective the end of the year (should receive in Jan), you will receive a Form 1098, which specifies these costs.

  4. Reply
    zudmelrose
    August 23, 2011 at 10:30 am

    Other than points and real estate taxes, closing costs are either added to basis on a purchase or treated as selling costs on a sale.

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