Source: House Logic —
The answer to whether closing costs are tax deductible — or mortgage interest and property taxes for that matter — is often maddeningly, “It depends.”
Basically, you’ll want to itemize if you have deductions totaling more than the standard deduction, which for 2022 is $12,950 for single people and $25,900 for married couples filing jointly. Practically every taxpayer gets this deduction, homeowner or not. And most people take it because their actual itemized deductions are less than the standard amount.
But will you have enough deductions to itemize?
To see, you need to know what’s tax deductible when buying or owning a house. Here’s the list of possible deductions: