When you buy, sell or refinance a home, closing costs are a pricey part of the transaction. Closing costs can result in tax-deductible expenses that you don’t incur in a regular year of homeownership, and those extra expenses can push you over the threshold to where it makes financial sense to itemize. Are All Closing Costs Tax Deductible? You may be able to deduct more closing costs than you think. Closing Costs That Aren’t Tax Deductible on a Home PurchaseOnly mortgage interest and property taxes are potential deductions.

Source: Forbes March 08, 2021 10:38 UTC