U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-07-2010, 11:28 PM
 
1 posts, read 1,460 times
Reputation: 10

Advertisements

My closing date was 1/14/10 this present year. I have confirmed that i can claim the tax credit on this years taxes, all i have to do is fill out form 5405 and it cannot be filed electronically it has to be mailed out as a hard copy.



How ever my main question is can i claim the home purchase transaction or how much of the transaction can i claim in THIS years taxes if i can claim any of it at all? Some of the parts that i am referring to are closing costs, residential taxes, so on and so forth.


E. R.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-08-2010, 12:05 PM
 
Location: Connecticut
29,727 posts, read 46,787,997 times
Reputation: 9207
I am moving this to the Business, Finance and Investing Board where you should get more responses. JayCT, Moderator
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-08-2010, 12:38 PM
 
Location: Columbia, SC
1,860 posts, read 4,618,210 times
Reputation: 797
Quote:
Originally Posted by 06tbse View Post
My closing date was 1/14/10 this present year. I have confirmed that i can claim the tax credit on this years taxes, all i have to do is fill out form 5405 and it cannot be filed electronically it has to be mailed out as a hard copy.



How ever my main question is can i claim the home purchase transaction or how much of the transaction can i claim in THIS years taxes if i can claim any of it at all? Some of the parts that i am referring to are closing costs, residential taxes, so on and so forth.


E. R.
I don't think you can claim any of those costs on your 2009 taxes. And the only things deductible on the 'closing' statement are any property taxes that fall under the buyer portion, and any points not included in a 1098-INT that your mortgage company sends you after year-end - also, mortgage points are to be deducted over the life of the loan.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-08-2010, 01:15 PM
 
Location: Sacramento
2,568 posts, read 6,260,225 times
Reputation: 1924
Quote:
Originally Posted by Buckeye in SC View Post
mortgage points are to be deducted over the life of the loan.
That applies only to discount (or buy down) points. Origination points can be deducted on the year of the purchase.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-08-2010, 01:26 PM
 
Location: Columbia, SC
1,860 posts, read 4,618,210 times
Reputation: 797
Quote:
Originally Posted by suzie02 View Post
That applies only to discount (or buy down) points. Origination points can be deducted on the year of the purchase.
You're correct, I was thinking about amortization of the points b/c I just was working our taxes and we refinanced this past year and had points involved.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top