I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?

I know, points I paid, interest I paid and property tax I paid druing year of 2007 are tax deductable.





However, while buying the house, I also paid, inspection fee, appraisal fee, notary fee, county tax, escrow fee, underwriting fee, hazard insurance, title fee, processing fee etc.





I wonder if any of those are tax deductable?





Answer and insight to this will be greatly appreciated.I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
All of those fees are added to the cost (cost basis) of the home. That means that when you sell, you will have less of a taxable profit - although none of it will probably be taxable. (Unless they change the tax laws) They are not deductible.


So save that stuff for the future.





However, you can write off the interest you paid and points (if it is not on a 1098 Form already) and the property taxes paid, as you already noted.





This IRS should be mighty helpful:


(It is IRS Pub 936, Home Mortgage Interest Deduction)





http://www.irs.gov/pub/irs-pdf/p936.pdf





And this is an easy read:





http://www.countrywide.com/purchase/hb_t鈥?/a>





Congratulations on the purchase of a new home!I bought home last year. I wonder what expenses from my escrow closing statement are tax deductable?
No, the other fees you mention aren't deductible.





If you are paying PMI you can deduct that.
C.P.A. time...call one and relax that its being done correctly and most important nothing was missed on your behalf!
During tax season about a month ago, I saw a lot of ads for two different computing systems that did your taxes for you. The one branded Turbo Tax had all the deductions. It is probably available in Office Depot or Best Buy.