California Real Estate Q&A Discussion Forum
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago on . Most recent reply
CA - Tax impact - closing costs
Hello,
I am looking to close on a home soon in California and it appears I will have the option to close in either 2018 and 2019. I think the only difference to me would be the tax implications with the closing costs. I don't currently itemize on my tax return and the closing costs won't exceed my standard deduction for 2018. Thus, to me it seems like I should close in 2019 so that I can take the deduction next year when I will be itemizing.
Would really appreciate some tax advice / insight on this topic. Thank you all in advance,
Will