Can I deduct the refinance closing cost or others in 1040 form when I file my tax return this year?

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Is any one can help me to answer my question about Tax Return for 2009? I live in TX.

I refinance my home mortgage loan with same lander on 2009. There is a closing fee about $4000 but did not purchase any points before or now. Not sure Can I reporteduct this closing cost or others refinance fee in my 1040 form when I file my tax return for 2009?

Appreciate all information you can provide.

Update:

I am sorry but I do not get your answer… What is ” the closing cost is added to your cost basis”?

I use standard deduction not itemized deduction. Is there any place I can repot my cost basis in 1040 form if using standard deduction? Thanks.

Update 2:

I need correct my statement… I did pay ” 1% Origination Fee ” while I refinance. Is that as a point? Then how do I caculate as a tax deduction? Thanks.

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✅ Answers

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  • the closing cost is added to your cost basis.

  • Self-employed people generally file their returns on Schedule C which flows to line 12 of the 1040 form. You can get both of those forms from IRS.gov.

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