What Closing Costs Are Tax Deductible When Buying or Selling a Home?

Buying and selling a home comes with various costs that can make moving expensive. On top of required costs like appraisal fees and title insurance, people often have to spend extra on moving supplies, temporary housing, and staging.  While many closing costs are not tax-deductible, some expenses can provide tax benefits. The key to getting these tax benefits is to itemize your deductions and keep clear documentation throughout the year.  This guide will provide clear information on deductible closing costs for both buyers and sellers. Whether you bought, sold, or both last year, you can maximize the benefits on your taxes. Here’s what you need to know. Are Closing Costs Tax Deductible? Most closing costs are not tax deductible and are natural expenses that come with buying and selling property. However, some key closing costs can be included with your taxes to help you save money. These include your mortgage … ContinuedThe post What Closing Costs Are Tax Deductible When Buying or Selling a Home? appeared first on FastExpert.