are mortgage closing costs tax deductible

As with a traditional mortgage, interest on a reverse mortgage is deductible; however, this deduction is limited to interest paid on no more than $100,000 of loan principal. This is the IRS limit.

Mortgage lenders charge "origination fees" and other closing costs to borrowers, and the lenders use these fees to cover their business costs. The IRS allows taxpayers to deduct these fees, as well as loan interest and "points." The borrower deducts the origination fees on Schedule A, which lists the amount and type of all deductible expenses.

If you refinanced close to your property tax due date, you may have paid money toward property taxes at the closing of the loan. If so, you can deduct the amount you paid on your income tax return.

Some of these costs are tax-deductible. Loan origination fees and points purchased are deductible, regardless of whether they’re paid by the buyer or the seller. mortgage interest expense and real estate taxes are also deductible. Your lender sends form 1098, which details most of your deductible closing costs.

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Certain other settlement or mortgage closing costs aren’t deductible right away, but rather are added to the "basis" value of your home and may provide some tax offset should you sell your home. "Basis" is the value of your home for the purposes of calculating future capital gains taxes.

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Tax Benefits of Home Ownership in 2019. When a consumer considers purchasing or selling a home, they should consider the fact that there are many tax benefits that could potentially make owning a home quite profitable. By far, the buying of a home can be one of a consumers biggest investments.

Now that you’re aware of what closing costs are tax deductible, you can rest assure that you’ll benefit financially from buying a new home sooner than you thought. If you have any questions about the closing process or need help buying a new home, contact Contour Mortgage today.