Displaying items by tag: home owner tax question

For your personal residence:

You can deduct mortgage interest/points and real estate property taxes that you pay at closing.

Other costs of closing are not deductible from current income, instead, you add them to the cost basis of your home and get the benefit when you sell.

You might find it helpful to read IRS Pub. 530, Tax Information for Homeowners
http://www.irs.gov/pub/irs-pdf/p530.pdf

Please consult with your accountant for more details.  Advice here should not be held legally liable.