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Updated about 6 years ago on . Most recent reply

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16
Posts
2
Votes
Will R.
  • Los Angeles, CA
2
Votes |
16
Posts

CA - Tax impact - closing costs

Will R.
  • Los Angeles, CA
Posted

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 

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