I bought a house in 2016 and closed on Dec. 2. What portion of my closing costs can I claim?
My mortgage company said I would not receive a 1098 this year. I paid closing in December and made first house note payment came in January.
My mortgage company said I would not receive a 1098 this year. I paid closing in December and made first house note payment came in January.
Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance and loan origination fees (“points”) that you paid in 2016. You should have a 1098 from your mortgage lender that shows this information.
Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, settlement fees. etc.
Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home,
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