TAX TIME bought or sold a home last year?

If you bought or sold a home last year, immediately after closing you should have received a copy of the CLOSING STATEMENT that contains all the official charges and credits of your home purchase.

The CLOSING STATEMENT is a breakdown of the expenses home sellers and home buyers incur in the real estate sale.

Visit your CPA to confirm this information, but here are a few cost items that may be considered tax deductible:

  • Property Taxes
  • Prepaid interest
  • Private mortgage insurance costs
  • Prepaid Mortgage Interest
  • Points

Here are a few costs items that may NOT be considered tax deductible:

  • Owner’s title insurance
  • Title & escrow fees
  • Commissions
  • Appraisal costs
  • Home inspections
  • Credit report costs
  • Transfer taxes
  • Flood Certificate
  • Recording Fees
  • Attorney Fees
  • and more!

With tax codes changing every year it is hard for anyone but a tax professional to keep up.  If you need a referral to a tax advisor / CPA please let us know.