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We refinanced in March of 2016. Can I report the total borrower paid closing costs?

Forum|Forum|7 years ago
June 1, 2019
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Best answer by Celery63

No. Only mortgage interest paid at closing is deductible. Points for a refi must be amortized over the life of the loan. All other closing costs are not deductible from current income, instead, you add the to the cost basis of the home and you get the benefit when you sell.

C

Celery63Answer

No. Only mortgage interest paid at closing is deductible. Points for a refi must be amortized over the life of the loan. All other closing costs are not deductible from current income, instead, you add the to the cost basis of the home and you get the benefit when you sell.

Carl11_2

Employee

As an addendum, this is covered in IRS Publication 530 at <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p530.pdf">https://www.irs.gov/pub/irs-pdf/p530.pdf</a> starting on page 2 of that document.