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Personal Finances / Buying or Selling a Home
|Subject: mortgage tax--deductible?||Date: 2/9/2000 2:44 PM|
|Author: synec||Number: 8961 of 126850|
I've also posted this question on the Tax Strategies board, but I thought some of this board's readers might know the answer:
My husband and I bought our first home in 1999. We paid a large one-time stamp tax to New York City just for getting and registering a mortgage here. This tax was separate from the recording fees, title search & insurance fees, et al. In my paperwork, it's called a "mortgage tax." Is this amount deductible on my federal taxes as a local tax?
(I know from having read the Fool's column on this subject that I can't deduct the other closing costs, but the article doesn't mention one-time taxes associated with closing.)
Thanks for your help.
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