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Subject Author Date
Closing Costs & what line samgentile32 02-08-2007
Posted by samgentile32 on February 8, 2007, 11:51 pm
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 I bought a new house in 2006 and was told that there were
several deductions but I can't seem to find the right place
for them within Turbo tax

Can someone confirm that I can deduct these costs and where
they go:
Home Inspection
Title Insurance Premium
Recording Fees; Deed
State Tax/Stamps: Deed

I was never given 1099-s so I'm going off of my closing
statement

Thank you!

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Posted by Benjamin Yazersky CPA on February 10, 2007, 5:46 am
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> I bought a new house in 2006 and was told that there were
> several deductions but I can't seem to find the right place
> for them within Turbo tax
>
> Can someone confirm that I can deduct these costs and where
> they go:
> Home Inspection
> Title Insurance Premium
> Recording Fees; Deed
> State Tax/Stamps: Deed
>
> I was never given 1099-s so I'm going off of my closing
> statement

those items are not deductible

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Paul Thomas, CPA on February 10, 2007, 5:46 am
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> I bought a new house in 2006 and was told that there were
> several deductions but I can't seem to find the right place
> for them within Turbo tax
>
> Can someone confirm that I can deduct these costs and where
> they go:
> Home Inspection
> Title Insurance Premium
> Recording Fees; Deed
> State Tax/Stamps: Deed
>
> I was never given 1099-s so I'm going off of my closing
> statement

None of those items are deductions for income tax purposes.

They add to your cost basis and are accounted for when sold
to the extent that they will reduce any gain on the sale.

--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Phil Marti on February 10, 2007, 5:46 am
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> I bought a new house in 2006 and was told that there were
> several deductions but I can't seem to find the right place
> for them within Turbo tax
>
> Can someone confirm that I can deduct these costs and where
> they go:
> Home Inspection
> Title Insurance Premium
> Recording Fees; Deed
> State Tax/Stamps: Deed

None of these is deductible. Everything but the lender's
title insurance adds to your basis.

The only things deductible are interest to the end of the
closing month (should be included in your 1098 amount) and
any prepaid property taxes you paid the seller at closing.
(You didn't mention points, so I assume you didn't pay any
or already know the treatment.)

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by A.G. Kalman on February 10, 2007, 5:46 am
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samgentile32@hotmail.com wrote:

> I bought a new house in 2006 and was told that there were
> several deductions but I can't seem to find the right place
> for them within Turbo tax
>
> Can someone confirm that I can deduct these costs and where
> they go:
> Home Inspection
> Title Insurance Premium
> Recording Fees; Deed
> State Tax/Stamps: Deed
>
> I was never given 1099-s so I'm going off of my closing
> statement

You can't find a place to deduct them because they are not
deductible when buying a home (I assume you are referring to
your residence or vacation home). The expense becomes part
of your cost basis.

--
Alan
http://taxtopics.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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