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- Where do you deduct closing costs for new home purchases?
Where do you deduct closing costs for new home purchases?
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tjwoods69
Level 2
03-27-2023
02:36 AM
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3 Comments 3
BobKamman
Level 15
03-27-2023
11:14 AM
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There should be a place under mortgage interest to deduct points, if paid by either buyer or seller. I don't use ProConnect, so I'm not sure. In many locations the buyer gets a credit for property taxes pro-rated to the seller up until closing date, so be sure to subtract that from any taxes paid by the buyer.
qbteachmt
Level 15
03-27-2023
11:18 AM
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Did you read what the IRS and other web resources tells us? I googled:
what is deductible on home purchase
and you get many results, including:
https://www.irs.gov/newsroom/know-whats-deductible-after-buying-that-first-home-sweet-home
https://www.rocketmortgage.com/learn/tax-deductions-for-homeowners
https://www.forbes.com/advisor/mortgages/types-of-tax-deductible-closing-costs/
It's pretty amazing what you find on the web.
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