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HomeOff Topics › Question for Accountant About Taxes and Buying a Home
02-02-2010 09:22 PM  8 years agoPost 1
Mr.Green

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Kaysville, Utah

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In the past when I had re-financed my mortgage on my first house we got a paper from the mortgage company for tax purposes and we were able to write off a bunch of the fees we paid to refinance. We bought a foreclosed home this year and paid a bunch of closing costs. Is buying a home similar to refinancing as far as writting off some of the fees involved in closing? Any tax accountants out there that could offer some insight or any first hand experience with this?

Doug

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02-02-2010 10:49 PM  8 years agoPost 2
SilverEagle2

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Utah

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As far as I know interest and points are the only write-offs.

Interesting that you could write off anything but interest on your refi. If points where in that, they are typically spread over the loan term and you can only write off a portion. Until the sale at which point you can write off the remaining unpaid points.

Your foreclosure purchase is simply a purchase from your end. A little different for the person foreclosed on.

So unless a bunch of your fees are points (origination fee's listed on your forms as points)...not sure you can write them off.

Wait..what!?!?! No, that can't be!

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02-02-2010 11:18 PM  8 years agoPost 3
Mr.Green

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Kaysville, Utah

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That info seems to match up with what I've found with my searching. It's been several years since the refinance and couldn't remember exactly what it was we were able to write off. It wasn't much but every bit helps.

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