Costs Paid in Connection With Your Mortgage Loan May be Tax Deductible
There are some costs paid in conjunction with the settlement of your mortgage loan which may be tax deductible.
According to a TurboTax article, mortgage interest, points, mortgage insurance premiums, and property taxes may be eligible to deduct among other costs as well (https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Buying-Your-First-Home/INF12009.html).
To determine what costs you paid, it will be necessary to have a copy of your settlement statement also known as your Closing Disclosure (CD). It is likely that you received a copy of this when you closed, but we have an easier way for you to get it!
If you financed a new home or refinanced an existing home last year, contact your loan officer directly for a copy of your CD. It only takes seconds to make a call or send an email.
Once in possession of your CD, provide it to your tax preparer or have it handy when you prepare your own tax return by hand or using a tax software.
Be sure to take maximum advantage of each and every deduction available to you this tax year.