This speaks to the addition to basis:

There are some settlement or closing costs that you cannot
deduct or add to the basis of your home. These include fees
and costs that are for getting a mortgage loan. For more
information refer to Publication 530, Tax Information for
First Time-Homeowners, and Publication 936, Home Mortgage
Interest Deduction.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Unfortunately, the New York City mortgage recording tax is
not tax-deductible, nor can it be added to your cost basis.
The following is from the IRS web site:

There are three types of deductible non–business taxes:

State, local and foreign income taxes,
Real estate taxes; and
Personal property taxes.

Deductible real estate taxes are generally any state, local,
or foreign taxes on real property. They must be charged
uniformly against all property in the jurisdiction and must
be based on the assessed value. Many states and counties
also impose local benefit taxes for improvements to
property, such as assessments for streets, sidewalks, and
sewer lines. These taxes cannot be deducted. However, you
can increase the cost basis of your property by the amount
of the assessment. Refer to Publication 551, Basis of
Assets, for more information. Local benefits taxes are
deductible if they are for maintenance or repair, or
interest charges related to those benefits.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Gary Goodman <XgaryX[at]garyg7.com> wrote:
- quote -

No it isn't added to basis. From Pub. 551:

The following items are some settlement fees and closing
costs you cannot include in the basis of the property.
1) Fire insurance premiums. 2) Rent for occupancy
of the property before closing. 3) Charges
for utilities or other services related to occupancy
of the property before closing. 4) Charges connected
with getting a loan. The following are examples of
these charges. a) Points (discount points,
loan origination fees). b) Mortgage insurance
premiums. c) Loan assumption fees. d) Cost of a
credit report. e) Fees for an appraisal required by a
lender. 5) Fees for refinancing a mortgage --- end
quoted text

Drew Edmundson, CPA (NC)

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Gary Goodman <XgaryX[at]garyg7.com> wrote:
- quote -

I disagree. Closing costs relating to getting a mortgage are
neither deductible or added to the basis of the property.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Gary Goodman <XgaryX[at]garyg7.com> wrote:
- quote -

I disagree. Closing costs relating to getting a mortgage are
neither deductible nor added to the basis of the property,
with the exception of "points". If this is something that a
cash buyer does not have to pay, it is not added to basis.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Gary Goodman <XgaryX[at]garyg7.com> wrote:
- quote -

I disagree. Closing costs relating to getting a mortgage are
neither deductible or added to the basis of the property.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

jeff[at]somewhere.net says...

- quote -

This is added to your cost basis.

Gary

--
You can probably X figure out X which letters to X delete to derive my
email address X.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"jeff" <jeff[at]somewhere.net> writes:

- quote -

No.

Phil Marti
Topeka, KS

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Hello again,

In 2003 i refinanced my house in NY State and paid a
mortgage tax of about 1% which was about $3,200 in taxes.

Is this deductible?

Thanks,

jeff

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->