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Old 04-11-2016, 11:33 PM
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New Home-Related Payments Tax Deductable?

Hello,

I am filing as Individual in the state of NY.

In the very beginning of 2016, I purchased a home (apartment) in NYC. However, certain expenses, such as application fees, etc., occurred and were paid in 2015 (with certified bank checks). These were not legal fees per se, just expenses required for the home purchase, before actually purchasing the home.

Are these expenses tax deductible? If so, how and where (which form?) would I do this? I am doing my own taxes using TurboTax.

Thanks for any help!



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Old 04-12-2016, 12:02 AM
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Join Date: Oct 2010
Posts: 5,231
In the very beginning of 2016, I purchased a home (apartment) in NYC. However, certain expenses, such as application fees, etc., occurred and were paid in 2015 (with certified bank checks). These were not legal fees per se, just expenses required for the home purchase, before actually purchasing the home.

Are these expenses tax deductible? If so, how and where (which form?) would I do this?===>> If you purchase a home you plan to live in, only the mortgage origination fees are deductible. Also called "points," these fees are interest you pay to your lender in advance, and mortgage interest is tax deductible; LOAN application fee is not dedcutible. Expenses you must pay to obtain title to your home are added to the home's tax basis. This means the expenses will increase the value of the home for tax purposes, and reduce the amount of any taxable profit you realize when you sell the home. legal fees to obtain title to the home;title search fees
;title insurance; title recording fees or etc


I am doing my own taxes using TurboTax.====. I AM NOT FAMILIAR WITH THE SOFTWARE SO YU NEED TO CONTACT THE VEnDOR FOR TECH service.



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