Any tax deduction for 421-A application expenses?

Bought a new construction condo with 421-a Tax Abatement in 2017 and am in the processing of filing taxes. There are already many discussions of how ridiculous the closing cost is for a new condo in NYC, but i wanted to see if two of the more unusual closing cost categories are tax deductible at all. In my case listed in the final closing costs: - 421-a Tax Abatement (reimbursed the sponsor) -... [more]

Bought a new construction condo with 421-a Tax Abatement in 2017 and am in the processing of filing taxes. There are already many discussions of how ridiculous the closing cost is for a new condo in NYC, but i wanted to see if two of the more unusual closing cost categories are tax deductible at all. In my case listed in the final closing costs: - 421-a Tax Abatement (reimbursed the sponsor) - Mortgage Tax Credit (believe this is something passed on to sponsor but buyer bears the cost) These two added up to north of 10k, neither my attorney nor the tax accountant i asked could confirm if they are tax deductible. Any other new condo buyer with 421-A could chime in? If they continue to push up stupid closing costs like this in the city, something is going to break at one point. Absolutely bizarre phenomenon! [less]