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How do I write off closing costs on my taxes, and where do I enter that information on form 1040? |
How do I write off closing costs on my taxes, and where do I enter that information on form 1040? Hire a C.P.A they will get you more back then you will spend Closing what? I don't remember closing cost (when buying a house) being tax deductible. You can't!! The only thing deductible is your interest. Send it to uncle SAM, but I do not know if he will let you this year over the prices he has got to pay out. Closing costs are not deductible on your tax return. But make sure you check whether your HUD statement shows any pro-rated interest or property taxes. These are deductible on Schedule A. Keep the closing statement. When you sell your home, a lot of the closing costs can be added to the basis of your home and thus reduce your capital gain. This is especially important if you live in an area where prices rise substantially and you exceed your tax-free limit on your capital gain on a principal residence ($250k if you're single, $500k if you're married). Check for the rules on http://www.irs.gov - you'll have to live there at least 2 years for the capital gain to be tax free. Other than amounts paid for mortgage interest and real estate taxes, closing costs aren't deductible. |
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