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02-07-2010, 11:28 PM
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1 posts, read 1,460 times
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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. |
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02-08-2010, 12:05 PM
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Location: Connecticut
29,727 posts, read 46,787,997 times
Reputation: 9207
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I am moving this to the Business, Finance and Investing Board where you should get more responses. JayCT, Moderator
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02-08-2010, 12:38 PM
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Location: Columbia, SC
1,860 posts, read 4,618,210 times
Reputation: 797
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Quote:
Originally Posted by 06tbse
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. |
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02-08-2010, 01:15 PM
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Location: Sacramento
2,568 posts, read 6,260,225 times
Reputation: 1924
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Quote:
Originally Posted by Buckeye in SC
mortgage points are to be deducted over the life of the loan.
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That applies only to discount (or buy down) points. Origination points can be deducted on the year of the purchase. |
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02-08-2010, 01:26 PM
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Location: Columbia, SC
1,860 posts, read 4,618,210 times
Reputation: 797
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Quote:
Originally Posted by suzie02
That applies only to discount (or buy down) points. Origination points can be deducted on the year of the purchase.
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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. |
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