Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Am finally cleaning out the financial closets. Have refinanced my house twice since purchase. All closing costs (except points) add to my cost basis of the house. Correct or incorrect?

Not necessarily, see Pubs 17, 530 and 936. Appraisal fees and credit reports are listed as non-deductible and not eligible to added to the cost basis (p 9 of pub 530). Also, you do know you can't automatically deduct the points on refinancing?
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.