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| *The Commerce Journal>>>United States Taxes |
If I roled my closing costs into my mortgage, can I still claim them on my taxes? |
If I roled my closing costs into my mortgage, can I still claim them on my taxes? YES The only part of closing costs that you can exempt from taxes is your points and any prepaid interest or property taxes. The other costs are not deductible. no, only 1/30th of the total per year, which makes them useless as a deduction Yes you can claim the ones that you could claim if you did not roll them in. In effect, you paid those closing costs with borrowed money. But not all closing costs are deductible. Some of them become part of the cost of the house. Interest and property taxes are deductible. Title insurance and legal fees are not. Sure...but most closing costs are not deductible either way. You can't claim all of your closing costs on your tax return, whether you rolled them into your mortgage or paid them outright. In either case the same rules apply - you can deduct mortgage interest and real estate taxes. On a new mortgage, you can also deduct any points as interest. |
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