Deductible Closing Costsby Edith Lank
Dear Edith: My wife and I purchased a home and moved into it in 2007. Now we are assembling our documents to file our incomes taxes for last year. However, it is not clear what is deductible for 2007 taxes on the house listed as closing costs, which amounted to $15,000. Should the realtor or closing attorney provide us with a detailed document listing what is tax-deductible? -- A.
Answer: You can deduct any property taxes you paid at closing, and any mortgage interest. If your mortgage lende ... ( Back to Article )
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