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Closing & Tax return questions?
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Closing & Tax return questions?
I closed in November and was told I can deduct a lot of the closing costs in this years taxes. What papers do I need for this? Do I get papers from bank? Lawyer? TIA
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Posted 1/12/09 2:42 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Closing & Tax return questions?
bring all of your closing paperwork. there is an itemized doc that has all the monies paid out. that is all you need for tax man.
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| Posted 1/12/09 2:51 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Closing & Tax return questions?
totally didn't realize this...
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| Posted 1/12/09 3:37 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Closing & Tax return questions?
Posted by neener1211
totally didn't realize this...
don't get too excited...you really can't deduct that much!
the only thing you can deduct are points you paid, any interest you paid at closing, and any R/E taxes paid at closing.
please someone correct me if im wrong, but this is what I recall (I closed in 2006).
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| Posted 1/12/09 4:15 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Closing & Tax return questions?
Posted by Meaghan729
Posted by neener1211
totally didn't realize this...
don't get too excited...you really can't deduct that much!
the only thing you can deduct are points you paid, any interest you paid at closing, and any R/E taxes paid at closing.
please someone correct me if im wrong, but this is what I recall (I closed in 2006).
That is correct! Bring your HUD-1 with you and that should have everythign your accountant needs. Also if you didn't receive one yet ask your attorney for his closing statement so that you can bring that also to the accountant. The HUD-1 has most items BUT doesn't always include everything or could be a little off.
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| Posted 1/12/09 4:23 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Closing & Tax return questions?
can you still deduct the mortgage tax on your NYS return?
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| Posted 1/12/09 5:06 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Closing & Tax return questions?
Posted by Erica
can you still deduct the mortgage tax on your NYS return?
I don't believe you can but double check with your accountant.
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| Posted 1/12/09 10:59 PM |
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