House Refinance Closing Costs?

Charliec

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Jun 11, 2008, 2:27:04 PM6/11/08

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I'm having my house refinanced in California and need to determine
which Closing Costs I can deduct on my Federal and California Return.
Below is a list of the Closing Costs (and Categories), so I might be
able to get some advice on how/what to apply to my next return.

TITLE CHARGES:
14-ALTA Loan Policy $400
Endorsement Fee(s) 25
Recording Trust Deed 80

ESCROW CHARGES:
Escrow Fee to Fidelity National Title 250
Overnight Delivery Fee 40
Outside Courier/Special Messenger 40
E-Mail Doc Fee 75

NEW LOAN CHARGES:
Origination Fee 312
Appraisal Fee 350
Credit Report to Credo 20
Application Fee 195
Closing Fee 250
Wire Fee 20
Tax Service Fee to FNIS 67
Flood Cert Fee to FNIS 12
Process Fee 250
Interest from 6/11-7/1 377

PAYOFFS:
Interest to 6/20/2008 251
Reconveyance Fee 45

MISSCELLANEOUS:
Accom Signing & Notary for Notary Fee 125

So, if someone can advise as to which of the charges I can deduct and
where I should apply them, I would really appreciate it.

Thanks
Charliec
******************************************************
Charliec

Arthur Kamlet

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Jun 11, 2008, 3:21:19 PM6/11/08

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In article <4e5054l9f2ga5db62...@4ax.com>,

The interest amounts are deductible on schedule A.

The loan origination fee is amortizable on schdule A, over the
life of the loan, unless you are refinancing through the same
lender that held the old mortgage.

This assumes this is for your personal home, not for business
or rental use.

Those other charges including the fictitious overnight fee are
not deductible.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

Charliec

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Jun 11, 2008, 10:43:01 PM6/11/08

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Thanks for the reply, Arthur, splease see my question embedded below.

Charliec

The refinance is with the same lender (my credit union), so do I
deduct it all in this year or over 15 years?

>
>
>This assumes this is for your personal home, not for business
>or rental use.

This is a personal home.

>
>
>Those other charges including the fictitious overnight fee are
>not deductible.

******************************************************
Charliec

Arthur Kamlet

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Jun 12, 2008, 12:14:10 AM6/12/08

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In article <a53154tm0tko42rrt...@4ax.com>,

The tax code is unfriendly towards loan origination fees on
refinances when from the same financial institution. The theory is
the institution should not be charging any loan origination fee since
they know who you are and already have your existing mortgage.

But if they do charge a fee, you do not get to deduct it or amortize it.

>>This assumes this is for your personal home, not for business
>>or rental use.
>This is a personal home.

The the interest charges are deductible. Period.

>>Those other charges including the fictitious overnight fee are
>>not deductible.

jal

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Jun 16, 2008, 7:03:24 PM6/16/08

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On Jun 11, 1:27 pm, Charliec <charl...@invalid.address.com> wrote:
> I'm havingmyhouse refinanced in California and need to determine
> which Closing Costs I can deduct onmyFederal and California Return.

> Below is a list of the Closing Costs (and Categories), so I might be

> able to get some advice on how/what to apply tomynext return.

http://www.easymademortgage.net This website offers info on this
subject. You can deduct what are called points. Origination, loan
discount etc...

Charliec

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Jun 17, 2008, 8:09:21 PM6/17/08

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I checked the site, but could not find anything on deducting closing
costs - did I miss something?

******************************************************
Charliec