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Subject Author Date
Closing Costs & what line samgentile32 02-08-2007
Posted by San Diego 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

All of the fees mentioned above except the State Tax get
capitalized as part of the basis of the home. You can
include the other taxes on the state tax line of Sch A.

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Posted by Phil Marti on February 12, 2007, 12:04 am
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> All of the fees mentioned above except the State Tax get
> capitalized as part of the basis of the home. You can
> include the other taxes on the state tax line of Sch A.

This is wrong. The transfer taxes are basis, not a Schedule
A deduction. See IRS Pub 530.

--
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 taxxcpa 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 deduct items reported on the settlement statement on
lines 106, 107, 801 and 802. The interest reported on line
901 will probably also be on Form 1098--it is deductible,
but not deductible from both the settlement statement and
the Form 1098.

<< ======================================================= >>
<< 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 buchinac on March 7, 2007, 11:45 pm
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Helpful website that spells everything out for you.

http://www.absolutelandtitle.com/items_deductible.php

<< ======================================================= >>
<< 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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