Your 2025 Closing Costs Cheat Sheet

🏡 Buying or Refinancing in 2025? Maximize Your Tax Savings! 💰👇

Here’s what you don’t want to miss:

✅ Discount Points for Your Loan – Deduct points paid to lower your mortgage rate (even if the seller covered them). Application and processing fees don’t count!

✅ Points from a Refinance – Refinanced in 2025? Points for cash-out improvements are fully deductible! For mixed use, only the portion used for home improvements applies.

✅ Property Taxes – Deduct actual and pro-rated taxes paid at closing (see Section F of your Closing Disclosure). Escrow amounts are deductible only after your lender pays the municipality.

✅ Prepaid Interest – Paid daily interest charges at closing? These are deductible too! Check your Closing Disclosure for “prepaid” or “daily interest charges.”

✅ Unclaimed Points from Old Loans – Refinancing? You might be able to deduct the unused portion of points from your prior loan!

✅ Prepayment Penalties – If you paid a penalty to close out an old loan, you may be able to deduct it!

✅ Closing Costs – Not directly deductible, but they increase your tax basis—which could save you money on capital gains taxes when you sell!

📌 These tax perks apply to primary or vacation homes—not investment properties. Always check with a CPA to maximize your savings!

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