Are The Total Closing Costs I Paid When I Purchased My House Deductible?
NO. Only the mortgage interest and real estate taxes paid at the closing are deductible in the year paid. The other costs at closing are added to your cost basis of the residence (and improvements over the years) to be used when you sell the residence to determine if there is a gain or loss on the sale.
Note If you need professional help with "Rental Expenses" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.