Are escrow fees tax deductible?

Answer Property taxes are taken out of each mortgage payment, along with homeowners insurance, and put into an escrow account. While the escrow account itself is not tax deductible, there are certain fact... Read More »

Top Q&A For: Are escrow fees tax deductible

Are appraisal fees tax deductible?

The Internal Revenue Service does not allow you to deduct the cost of appraisal fees from your taxes. IRS topic 504 specifically states that appraisal fees cannot be included in the mortgage points... Read More »

Are FHA Funding Fees Tax Deductible?

The Federal Housing Administration (FHA) requires a funding fee, more commonly known as a Mortgage Insurance Premium (MIP), at the time of closing. This premium ensures a lender that the loan will ... Read More »

Are origination fees tax deductible?

When purchasing a mortgage or refinancing one, many borrowers look to deduct some of the closing costs from their tax bill. However, the only cost associated with a mortgage closing that is tax ded... Read More »

Are parking fees tax-deductible?

If you use your personal automobile to visit a client or customer, parking fees can be deducted from your taxes. However, as part of your normal commuting expenses, parking fees would not be tax-de... Read More »