Helpful website that spells everything out for you.

http://www.absolutelandtitle.com/items_deductible.php

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"San Diego CPA" <gcollect1[at]sbcglobal.net> wrote:

- quote -

This is wrong. The transfer taxes are basis, not a Schedule
A deduction. See IRS Pub 530.

--
Phil Marti
Clarksburg, MD

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samgentile32[at]hotmail.com wrote:

- quote -

You can deduct items reported on the settlement statement on
lines 106, 107, 801 and 802. The interest reported on line
901 will probably also be on Form 1098--it is deductible,
but not deductible from both the settlement statement and
the Form 1098.

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<samgentile32[at]hotmail.com> wrote:

- quote -

All of the fees mentioned above except the State Tax get
capitalized as part of the basis of the home. You can
include the other taxes on the state tax line of Sch A.

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samgentile32[at]hotmail.com wrote:

- quote -

You can't find a place to deduct them because they are not
deductible when buying a home (I assume you are referring to
your residence or vacation home). The expense becomes part
of your cost basis.

--
Alan
http://taxtopics.net

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<samgentile32[at]hotmail.com> wrote:

- quote -

None of these is deductible. Everything but the lender's
title insurance adds to your basis.

The only things deductible are interest to the end of the
closing month (should be included in your 1098 amount) and
any prepaid property taxes you paid the seller at closing.
(You didn't mention points, so I assume you didn't pay any
or already know the treatment.)

--
Phil Marti
Clarksburg, MD

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<samgentile32[at]hotmail.com> wrote

- quote -

None of those items are deductions for income tax purposes.

They add to your cost basis and are accounted for when sold
to the extent that they will reduce any gain on the sale.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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<samgentile32[at]hotmail.com> wrote:

- quote -

those items are not deductible

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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I bought a new house in 2006 and was told that there were
several deductions but I can't seem to find the right place
for them within Turbo tax

Can someone confirm that I can deduct these costs and where
they go:
Home Inspection
Title Insurance Premium
Recording Fees; Deed
State Tax/Stamps: Deed

I was never given 1099-s so I'm going off of my closing
statement

Thank you!

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