Closing Cost Deductions - Income Tax

When you buy a home or a land ,you have to pay closing costs on the top of the purchase price.
Now the question is - Is the closing cost Tax-deductible?
IRS has some rules regarding Real estate closing cost Itemized deductions.
Note: You can either claim the standard deduction or itemize your deductions while filing form 1040 ,whichever lowers your tax the most.

Closing costs that are deductible :

Home Mortgage interest paid/pre-paid interest at the time of settlement-

Certain Real Estate Taxes paid at the time of closing
Property taxes 
Sales tax paid at the time of Closing
Loan Origination fees or  Points
Private Mortgage Insurance


Certain Closing cost are non-deductible. These are:

Appraisal Fees
Hazard Insurance
Title insurance fees
Credit report fees
HOA
Recording fees
Survey Fees
Mortgage brokers commission
Inspection fees





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