philmarti[at]aol.com (Phil Marti) wrote in news:103pegshbigls40
- quote -

I'm a bit of a rookie at this so I have to read pubs. He
mentions a bunch of bank stuff etc. I found this in Pub 523.
It gives me the impression that banks stuff and refi costs
cannot be added to the basis. Is this one of those deals
where one pub says one thing but some other pub has
exceptions or something???

Thanks!

================================================== ===============
Settlement fees or closing costs. When you bought your
home, you may have paid settlement fees or closing costs in
addition to the contract price of the property. You can
include in your basis some of the settlement fees and
closing costs you paid for buying the home. You cannot
include in your basis the fees and costs for getting a
mortgage loan. A fee paid for buying the home is any fee you
would have had to pay even if you paid cash for the home.

Settlement fees do not include amounts placed in escrow for
the future payment of items such as taxes and insurance.

Some settlement fees and closing costs you cannot include
in your basis are:
Fire insurance premiums,
Rent for occupancy of the house before closing,
Charges for utilities or other services related to occupancy
of the house before closing,
Any fee or cost that you deducted as a moving expense
(allowed for certain fees and costs before 1994),
Charges connected with getting a mortgage loan, such as:
Mortgage insurance premiums (including VA funding fees),
Loan assumption fees,
Cost of a credit report,
Fee for an appraisal required by a lender, and
Fees for refinancing a mortgage.

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bigleftie wrote:

- quote -

only thing deductible would be points and only IF not with
same lender, and ONLY over the life of he loan.

- quote -

Personal loss, not deductible.

Cheer$,
Harlan Lunsford,m EA n LA

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troccola[at]bigfoot.com (bigleftie) writes:

- quote -

Only property tax reimbursed to the seller at closing. (If
the seller gave you money for accrued property taxes at
closing, that reduces your deduction.) See Publication 530.

The other closing costs you mentioned add to basis and are
not Schedule A deductions.

Phil Marti
Topeka, KS

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This year I bought my primary residence in September and
refinanced it in December. The refinance was completed by
December 23, 2003.

Aside from 'interest', what else can I itemize from the
purchase and refi?

I found an article that mentioned the following things that
I DID pay... appraisal fees, title search, title insurance,
transfer taxes, broker's commissions paid by the buyer,
survey fees, bank or lender fees, legal fees, mortgage
taxes, etc. I did NOT pay points on either loan.

Also, in 2002, we were "under contract" to purchase a
different home. The deal fell through in 2003. Are the
appraisal fees, title search, and legal fees ( all paid in
2002 ) for a that property deductable in any way ( even if
it means ammending my 2002 return )?

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