Can I deduct all the fees I paid at my house closing as deductible points?
Answer:
No. You should receive a Form 1098 slip from your bank that itemizes your deductible mortgage interest and deductible points on your tax return.
Service fees such as commissions, appraisal fees, notary fees, abstract fees, recording fees are not considered points and not deductible in the current year.
These costs are added to the purchase price of the house to increase your basis. The acquisition costs, non-deductible closing costs, plus improvements over the years will be the cost basis used to determine any gain on the eventual sale of the residence.
Service fees such as commissions, appraisal fees, notary fees, abstract fees, recording fees are not considered points and not deductible in the current year.
These costs are added to the purchase price of the house to increase your basis. The acquisition costs, non-deductible closing costs, plus improvements over the years will be the cost basis used to determine any gain on the eventual sale of the residence.
