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Are Closing Costs Tax Deductible?

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.

Closing Costs

The one-time home purchase costs that are tax deductible as closing costs are real estate taxes charged to you when you closed, mortgage interest paid when you settled, and some loan origination fees (a.k.a. points) applicable to a mortgage of $750,000 or less.

But you’ll only be able to benefit from them if all your deductions total more than the standard deduction.

Costs of closing on a home that aren’t tax deductible include:

  • Real estate commissions
  • Appraisals
  • Home inspections
  • Attorney fees
  • Title fees
  • Transfer taxes
  • Mortgage refi fees

2021 Housing Market Virginia

In 2021, existing-home sales totaled 6.12 million – an increase of 8.5% from the prior year and the highest annual level since 2006. NAR Chief Economist Lawrence Yun expects existing-home sales to slow slightly in the coming months due to higher mortgage rates but notes recent employment gains and stricter underwriting standards ensure home sales are in no danger of crashing.

St Patrick's Day 2022

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By taking a few simple steps around the house, you can be more energy efficient and save money.

Here are 3 proven tips you can try:
Seal windows and doors
When hot air enters your home through cracks in your doors and windows, it makes it harder for your A/C system to regulate temperature. Simply put, the harder you make your cooling and heating system work, the more money it will cost you.
Add ceiling fans Did you know that ceiling fans can help make a room feel cooler? This is an excellent way to keep your home cool, so you can give your A/C a break and lower your monthly bill.
Clean your dryer vent When was the last time you cleaned your dryer vent? Not only does this help prevent fires, it also increases the efficiency of your dryer and helps it work better. Give this a try and see if it helps you save on electricity.

Assistance Programs for Home Buyers:

Virginia Housing—formerly known as the Virginia Housing Development Authority (VHDA)—was created by the General Assembly fifty years ago. Its mission is to help Virginians attain quality, affordable housing; it works with an array of partners, including REALTORS®, local governments, lenders, community-based organizations, and developers. Virginia REALTORS® is proud to be one of Virginia Housing’s key partners in carrying out is goals, which will only result in the development and strengthening of thriving communities.
Down Payment Assistance Grant (DPA): Reduces the funds needed for a down payment to 1% and gives a grant for the additional down payment that does not need to be repaid.
Closing Cost Assistance Grant: Reduces or eliminates funds needed for closing through a true gift grant.
Plus Second Mortgage: Eliminates the down payment requirement for qualified first-time homebuyers by pairing an eligible Virginia Housing first mortgage with a Virginia Housing second mortgage to cover the down payment.
Free Class for Home Buyers: This class (offered in English and Spanish) is free to anyone who wants to be educated on the ins and outs of home buying and ownership.

Hampton Roads Housing Inventory Nov 2021

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Closed Sales Hampton Roads VA November 2021

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Home evaluation report


Market Summary Hampton Roads


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