Deductability of Home Equity Loan Closing Costs

Iceman · Post by **Iceman** » Mon Feb 13, 2006 6:14 pm

Anyone know what part of closing costs are deductible on 2006 Fed? Loan origination points? Prepaid interest? Appraisal Fees?

Mobius · Post by **Mobius** » Mon Feb 13, 2006 6:22 pm

Sounds like geek to me!

Isn't that why you engage a lawyer when buying property?

T-Bone · Post by **T-Bone** » Tue Feb 14, 2006 5:48 pm

Points and interest are but I'm not sure about appraisal fees.

LordDeath · Post by **LordDeath** » Fri Feb 17, 2006 12:17 pm

Take this with a grain of salt...We bought a new house this year and the 1098 we received in the mail showed our deductable interest and points.

I don't believe the other stuff is deductable.

However... I also don't think it's advisable to get your tax advise on the DBB. Hire an accountant. You get what you pay for.