Buyers Peter Mancini November 20, 2023
As of January 2022, certain closing costs are tax-deductible, but the rules and regulations can change. As tax laws are subject to revisions, it's crucial to consult with a tax professional or check the latest information from the Internal Revenue Service (IRS) or relevant tax authorities for the most up-to-date and accurate guidance.
Here are some general points about the tax deductibility of closing costs:
Mortgage Interest Deduction:
Points Deduction:
Property Taxes:
Prepaid Interest and Property Taxes:
Loan Origination Fees:
It's important to note that not all closing costs are tax-deductible. Certain fees, such as appraisal fees, inspection fees, title insurance, and other miscellaneous fees, are typically not deductible.
Always consult with a tax professional who can provide personalized advice based on your specific situation and the most current tax laws. Tax regulations can change, and deductions may vary depending on factors like the purpose of the loan, the use of the property, and changes in tax laws.
Sellers
Buyers
By Peter Mancini, Pen Realty | Brooklyn Real Estate Expert | REBNY & BNYMLS Member
Buyers
Buyers
Buyers
Buyers
Buyers
Learn from the Brooklyn Bridge. Buy smarter with Peter Mancini and Pen Realty.
Sellers
Buyers
Pen Realty greets clients with a devotion to seamless home sales and a professional promise to buy or list with expert confidence.