Question

Can we deduct closing costs for a new home we purchased in June of 2019

Forum|Forum|6 years ago
April 28, 2020
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Closing costs on the purchase of a personal residence are not deductible on a tax return. You can add certain closing costs you paid to the Basis of the home.

Some settlement fees and closing costs you can include in your basis are:
• Abstract fees (abstract of title fees),
• Charges for installing utility services,
• Legal fees (including fees for the title search and preparing the sales contract and deed),
• Recording fees,
• Survey fees,
• Transfer or stamp taxes, and
• Owner's title insurance.