Posted on: 30th Mar, 2012 07:39 am
My question is related to other questions I've seen, but I think a little different. Are rebates offered by lenders to cover closing costs considered taxable? Does it matter if the rebate amount is greater than the closing costs? Thanks.
Usually, closing costs are usually more at a bank. They differ for different credit scores, different loan companies, and different loan officers. The loan officers have ways of adding fees on the back end of the loan where you never see it, but you do end up paying it.
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Hi neilxty,
It may vary from one lender to another whether or not they will offer you rebates to cover closing costs. However, there are some lenders who may offer you no-closing cost loans. You may check out with your lender whether or not he can offer you such an option.
Thanks
It may vary from one lender to another whether or not they will offer you rebates to cover closing costs. However, there are some lenders who may offer you no-closing cost loans. You may check out with your lender whether or not he can offer you such an option.
Thanks
Rebates/credits from lenders are not taxable as income to you
They are not taxable
They are not taxable
thanks for the exact answer to the question.
John, Can you confirm if credit towards both recurring and non-recurring costs are taxable or not ? Thanks in advance.
Contact a tax adviser and take his opinion in this regard. He will be able to let you know whether or not you will be charged taxes.