Your closing costs, other than real estate tax, interest and points( all deductible on SCh A of 1040 as long as you claim your itemized deducitons), are added to the basis of your home. Your deductions are limited to the interest/points (paid by you and/or the seller), real estate tax (not including tax stamps,etc).Some of your "closing costs" are added to the basis of your home too. Expenses related to getting a mortgage(credit report, bank document fees, etc) are neither deductible nor added to basis. |