Tax deduction question on a new home...

[EJC+1]

So I'm starting to file my tax paperwork.

I know I can deduct the Loan Origination fee and Loan Discount for our new home that we built last Feb.

Question...Can I also deduct all of the other loan fees that are under "800. Items Payable in Connection with Loan" in my HUD settlement statement?

Flood Cert? Procession Fee? Underwriting Fee? Tax Service Fee? Admin Fee? Wire Fee? MERS Fee?

Thanks in advance.

 

[mishatx]

You can only deduct interest and certain taxes.

None of those fees sound like interest to me. They're just the cost of getting the loan.

 

[CO Horn]

You can deduct the points on the purchase of your primary residence. The rest of the items mentioned are non-deductible, but are added to the basis of your house.

 

[EJC+1]

The H&R block tax 2007 software says specifically that I can deduct the" Loan Origination Fee" and the "Loan Discount Fee."

That's why I'm asking about the other fees as well.

 

[mishatx]

Right, because those are mortgage interest couched as fees.

The rest are fees straight up.