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| *Loan,banking and credit>>>income tax |
Are cost of getting a mortgage deductable on your federal income taxes? |
Are cost of getting a mortgage deductable on your federal income taxes? No they are not. However, they do increase the basis of the house that you purchase with the mortgage. What do you mean costs for getting a mortgage? If you paid points on the mortgage, that is deductible. If you paid broker's fees, that would be deductible as points if the fee was set to be a percentage of the mortgage amount. If the fee was a fixed amount, then it would not be deductible. All other closing costs, such as title fees, document filing fees, etc. are nondeductible, but they can be added to your basis in the property. Only points are deductible, all other charges will be added to the cost base when you sell the house. If it is refinance, points paid have to be divided by the life of the mortgage(example $3000/30 year=$100 a year deduction). Some of them. |
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