The answer is......

it depends. If you itemizable deductions are more than the
standard deduction, then yes, you can. If not, then no.

Carol
If you awoke to find yourself a success, you weren't asleep.
Semper Gumby (Always Flexible)

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"Mike" <rax123[at]yahoo.net> wrote:

- quote -

The standard deduction for single is $4750 in 2003. If you
have more than that in itemizable deductions, go for it. Be
aware that the only part of your closing costs you can
deduct is "points", prepaid property tax (for the period
after closing), and prepaid interest.

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IN July '03 I bought a house. By December 31, 03 I'll pay
about $4,500 in interest for 2003. Closing costs for home
purchase were about $5,000.00. Probably $2,500.00 is tax
deductible. For about $7,000.00 in interest and tax related
expenses. Prorated state property taxes will be about
$800.00. For an appx total of about $7,800.00 I'm single
and will earn about $62,000.00 this year. Do I have enough
house related tax deductible expenses to itemize my 2003
federal tax return?

Mike

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