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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 128866

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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