I bought a house in (December 2016). I want to know if the money that I spent to buy the house is deductible on my taxes for the year 2016.?

Other answer:

papayo:
only the property taxes you were credited on the escrow and the interest you paid both in escrow and possibly one monthly payment
this will hardly exceed your standard deduction so no, you likely cannot claim it at all
StephenWeinstein:
No. Money you spend to buy a house is not deductible while you still owe it. (When you sell the house, you can deduct what the house cost you from the money you get by selling it.) However, mortgage interest and real estate taxes are deductible each year.
Judy:
Mortgage interest and property tax are deductible, only if you itemize. So probably not – you'll probably be better off with the standard deduction, and just get one or the other.
Redrum:
yes , The 2016 tax year ended December 31, 2016
Bostonian In MO:
Since you won't make your first payment until Feb 1, 2017, it's highly unlikely that anything from the home purchase will be deductible for 2016. At most you'd have your share of any 2016 property taxes and any points. None of the other closing costs are deductible for your personal residence.

If you paid any points those would be fully deductible but unless your mortgage was enormous or you were paying on a mortgage for another home in 2016 it's unlikely that it's enough to exceed your standard deduction.

If you cannot deduct the points on your 2016 return, you can pro-rate them over the life of the loan starting next year.

Pascal the Gambler:
No. Interest and property taxes are deductible, but you wouldn't have paid enough in 2016 to bother.
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